Coinbase Makes Zcash (ZEC) Available to New York Residents But Does Not Support Shielded Addresses

Must Read

Bitcoin Bull Rally Incoming? Market Price Keeping Below the Production Cost Ahead of Halving

Bitcoin is staying above its crucial level $9,000 for sometime now while experiencing some...

Trader shares the “Very Reason All Investors Should Hold some Bitcoin”

In 2020, the price of the leading asset had one of its worst one-day drops...

Bitcoin Sees an Influx of Retail Interest with Investors Doubling Down on HODLing

After tumbling down to below $6,500 yet again, Bitcoin went back above $7,000 in...
- Advertisement Banner
Earn Free Bitcoin

Cryptocurrency exchange Coinbase has launched support for Zcash (ZEC) for its New York residents, announced the exchange in a tweet on Monday.

This means, now the state’s residents can buy, sell, convert, receive, and store Zcash on 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.

- Advertisement -
- Advertisement -

Latest News

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

Its’ Finally Here A 100% Local Non-Custodial P2P Cryptocurrency Marketplace.

Finfreeotc is soon launching a one of a kind peer to peer cryptocurrency market place. Their marketplace is 100% non-custodial,...

WorldMarkets continues with the success of its trading artificial intelligence

Today we live in the information age, and access to information is unlimited. And that produces the paradox of misinformation. That's why... Records Growth for The First Blockchain ​​Web Tv Platform Dedicated to Sport Clubs And Athletes

Sophia Antipolis (France) and Singapore: The first web TV platform dedicated to sports clubs and athletes opened in...

Crypto-Broker Instacoins Receives Operating License in Estonia

Instacoins Estonia OÜ, a cryptocurrency brokerage, is pleased to announce it has received an operating license from the Estonian Financial Intelligence Unit (FIU). The...