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Zcash News

Coinbase Ditched Zcash And Here’s The Real Reason Why

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Coinbase ditched the privacy-focused cryptocurrency Zcash just a few days ago unexpectedly and in today’s altcoin news we find out why.

The coinbase users in the UK got the announcement a few days ago saying that their Zcash holdings will have to be converted to the sterling or to other cryptocurrencies. The Barclays UK-based banking giant severed the relationship with Coinbase UK and the exchange platform is now cooperating with ClearBank who demanded from the exchange Zcash to be delisted. The decision to give Zcash the kick raised questions about how this decision will affect other privacy-focused cryptocurrencies. The Editorial Director for the American Institute for Economic Research Jeffrey Tucker commented on the split saying that this created even more problems for Coinbase and Zcash itself:

 “Another solution for moving from Coinbase crypto to cash and back again will emerge. At the same time, it is not getting easier for crypto banking institutions like Coinbase. It is getting harder. Keep in mind that Coinbase is a financial intermediary itself, of the very type that crypto was supposed to make unnecessary.”

Instead of individuating the banking processes, the crypto market developed a mediated token market. This according to Tucker led to requiring a new layer of onramps and off-ramps. The reason why Coinbase ditched Zcash is now clear but still confusing for many users. Tucker also commented:

 “There is a growing consensus that traditional Bitcoin, which enjoys a 65% market domination, is not suitable as a means of exchange. Other tokens might benefit from this shift. But the market is extremely crowded and will continue to shake itself out in the coming years.”

As we read previously in the latest cryptocurrency news, Zcash is accepted and embraced by holders of its optional privacy features. However, there have been some concerns about the so-called anonymous token not really passing the regulatory checkpoints in the United Kingdom. Now, all of the holders of the privacy-focused Zcash cryptocurrency who used the Coinbase UK platform, have until August 26 to convert their holdings into another crypto or run the risk of having them forcibly converted to the sterling pounds as reported.

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Zcash News

Electric Coin Company Donates ZCash Trademark To Zcash Foundation

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Electric Coin Company has officially donated the Zcash trademark to the Zcash foundation after they had created the privacy-focused cryptocurrency in 2016 as we are reading further in the Zcash news today.Upon an agreement that was signed on November 6, the Zcash Foundation will be financially responsible for all of the costs associated with assigning and also protecting the trademark. When the news was announced, the Zcash Foundation mentioned the existing disagreement with the ECC over the future of the trademark. The foundation noted that it returned to negotiations with the Electric Coin Company after failing to reach an agreement in late August 2019 during the forum of the Zcash community.The Electric Coin Company explained that the trademark agreement was very important because it protected the reputation of the company and separated one product from another. The company said that Zcash’s trademark also protects the community from the number of scams and brings legal power to Zcash’s blockchain governance. According to the ECC, the donation will solve two of the most basic problems including further decentralizing the organization and support and honoring the community’s feedback.The Zcash foundation noted that this agreement maintains interoperability with standard legal and business frameworks. Back in October, there was a potential malicious counterfeit version of Zcash Foudnaiton’s wallet ZecWallet. This agreement with the Electric coin company and the Zcash foundation demonstrates its commitment to preventing such cases.Before the companies agreed on the trademark issue, sources with the knowledge of the trademark negotiations told the media that the talks were actually a lot more complicated than either party originally expected. This was especially the case with regards to the mutual ability to veto the trademark usage.And while the branding issue seems trivial to many observers, this process took months and actually became a bellwether of the privacy coin and its decentralized aspirations. As ECC announced this Thursday, this is “a novel agreement for which there appears to be no precedent.”Also, the Zcash price relaxes and ZEC continues to be under the bear radar. This is a situation that we have been seeing since July. The price of this cryptocurrency was mostly in the lower range, suggesting that there is not much hope for the coin in the short-term outlook.
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Zcash News

Zcash Trademark Negotiations Were Quite Painful: Analyst

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The Electric Coin Company (ECC), known as the firm led by the Zcash creator Zooko Wilcox, has been hosting the Zcash trademark event with the Zcash Foundation (ZF) participating as well as other industry figures this Wednesday.Even though many expected the talks to be smooth, sources with the knowledge of the trademark negotiations told the media that the talks were actually a lot more complicated than either party originally expected. This was especially the case with the regards to the mutual ability to veto the trademark usage.And while the branding issue seems trivial to many observers, this process took months and actually became a bellwether of the privacy coin and its decentralized aspirations. As ECC announced this Thursday, this is "a novel agreement for which there appears to be no precedent."The organization spoke about the Zcash trademark event and highlighted one provision in particular, which states:
“No party has independent authority to declare that a specific chain of Zcash can actually be called Zcash. There must be agreement from both parties, and neither party can unilaterally override the will of the community.”
Wilcox is in the Zcash news today for telling the media last week that the Zcash trademark negotiations were emotionally painful for him. As he described, they were compared to "watching a baby bird leave its nest."
“As a person, I am devoted to zcash and can never stop working for zcash and all that it means for humanity,” he said. “As the ECC, of course, we can only work for the community if they hire us to do so.”
Ever since the ECC startup started the launch of the Zcash (ZEC) privacy coin in 2016, Wilcox has been the de facto public face of the cryptocurrency. That is why he believes that the trademark agreement is a sign of the project and how it is "rapidly moving to a status" where he does not have the power to "make something happen or stop it from happening."All in all, Wilcox is a wealthy man who benefied from the Zcash founders' reward which delegates a portion of the newly mined coins to the founding team. However, he said that he is all-in with the money he earned.
“I’ve pledged half of all the money I expect to see in the world to fund the foundation,” Wilcox said and agreed that it requires a great deal of risk and faith in the community for a project like Zcash to succeed.
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Zcash News

Zcash Price Relaxes, Now Fluctuating And Trading Around $33

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The Zcash price relaxes today in the latest cryptocurrency news. The altcoin which was also in the focus of the news had a good start to the year and had even noticeably peaked in the month of June.Still, a bearish turn in the cryptocurrency market in July reversed the good fortune. Currently, the price of ZEC is on a continual downswing once again. The one-day price chart of ZCash on October 24 shows that the Zcash price relaxes and is now fluctuating but still trading in the range from $32.48 to $33.26.As we can see from the latest Zcash news, the ZEC price has mostly been below the baseline. The trading price of Zcash was $32.89 yesterday. However, the bear pressure which is in full swing triggered the price to fall marginally by 1.53% and 2.38% respectively, going to $33.25.Today, Dogecoin also remains at the same area. As the current Dogecoin news and chart updates show, DOGE is trading at $0.002568 with a similar momentum like ZEC.However, the Zcash price relaxes and ZEC continues to be under the bear radar. This is a situation that we have been seeing since July. The price of this cryptocurrency was mostly in the lower range, suggesting that there is not much hope for the coin in the short-term outlook.As the altcoin market continues to be volatile and the cryptocurrencies are barely in the green, the lost momentum shows that it will be difficult to retrace to the prices as seen before. In the news is the billionaire Bitcoin bull and investor Michael Novogratz, who advised that BTC could also retrace to $6,500 if the momentum continues.So, the general advice on current investors is that as the Zcash price relaxes, there could be another drop. This is why they should add on to their holdings as the price of the coin is still low. Short term investors and day traders, however, are advised to continue their investing with a cautious look on the daily prices.Meanwhile, the best performers today are XRP which managed to retrace by 3.39% and is now at $0.2821 as well as Binance Coin (BNB) which is trading at $17.28 following a run of around 4%. The Bitcoin Cash (BCH) cryptocurrency also rose to $218.78 and surprisingly for many, Bitcoin SV (BSV) continued its rise with a shocking 15.58% increase on the day - visiting a new price of $114.55. 
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Monero News

German Finance Ministry: Criminal Use Of Monero And Zcash Is Rising

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The German finance ministry is in the Zcash news today for stating that the criminal use of Zcash (ZEC) along with the use of Monero (XMR) is rising. In a recent report, the German ministry added that the use of anonymous crypto assets might one day replace the one of Bitcoin on the dark web.The report in which the German finance ministry is featured is highlighting the differences between different crypto assets. While blockchain forensics firms can often link an individual to a Bitcoin wallet, anonymity-preserving protocols limit their efficacy.Focused on money laundering and terrorist financing, the report is titled "The First National Risk Analysis" and was published by Germany's Federal Ministry of Finance on October 11. The ministry started assessing the existing and future risks that could contribute to the proliferation of such financial crimes in December 2017.Around 35 other federal and state authorities joined the German finance ministry in its research. The analysis that they carried out identifies the use of crypto assets as a potential risk factor for the future. However, it also makes a clear distinction between pseudo-anonymous cryptos such as Bitcoin and privacy-oriented coins such as Monero and Zcash.The Monero news also show that the German finance ministry thinks that the risk posed by anonymous cryptocurrencies is far greater than the one of the likes of Bitcoin. Their anonymous nature is what makes policing criminal acts associated with their use much tougher. Therefore, criminals may start using Monero (XMR) and Zcash (ZEC) more frequently.The ministry also observed the use on the dark web or as a method of financing terrorism and how it still remains low. However, the popularity for these anonymous cryptocurrencies is definitely growing.In the full report, the German finance ministry also states that there is not much evidence of any cryptocurrency being used in connection with terrorist financing in Germany. However, the ministry claims to have identified its use in relation to occasional groups of religious extremists and the far-right.What's also interesting is their stance on cash. As the ministry said:
“The use of cash, in contrast to the use of pseudonymous crypto assets, leaves no traceable footprint and is easy to handle, so it can be assumed that, for example, the transfer of funds in the field of ​​terrorism financing alongside hawala and money transfer service providers currently continues mainly via cash couriers.”
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