This means, now the state’s residents can buy, sell, convert, receive, and store Zcash on Coinbase.com and in its Android and iOS apps.
The San Francisco-based exchange first launched Zcash trading in late 2018 but New York wasn’t a supported jurisdiction until now. The stringent regulatory requirements of the state were likely to be the reason for the delay.
Up 159% in 2020 so far, the 27th largest cryptocurrency by market cap, ZEC is currently trading at $74, down 99% from it’s all-time high of $5,940.
Sending to shielded addresses not supported
Zcash is a privacy coin that allows users the option to shield the details of their transactions using zero-knowledge proof called zk-SNARKs.
Coinbase website also mentions how Zcash offers two types of addresses; the transparent addresses that are publicly visible on the Zcash blockchain and shielded addresses that are more private.
Although Coinbase customers are allowed to receive Zcash from both transparent and shielded addresses, they can only send Zcash to transparent addresses.
“Sending to shielded addresses is not supported at this time,” states the Coinbase website.
This move could be because of the regulatory reasons which have been the reason behind Coinbase U.K. quietly dropping support for the cryptocurrency last August. Reportedly, British regulators have been demanding personal data from crypto trading platforms.
More Altcoin Exposure
Along with Zcash, the exchange also announced support for USDC for New York residents. USD Coin is a dollar-pegged stablecoin which was issued by Coinbase and Circle’s CENTRE consortium in 2018.
Though new state residents are gaining exposure to these two crypto assets now, Coinbase allowed them access to XRP, Stellar Lumens (XLM), Chainlink (LINK) and DAI in 2019.
Today, Coinbase also made Cosmos (ATOM) available to its UK customers.