Coinbase Pro To Start Accepting Zcash

As per their blog, Coinbase, announced that from today, Zcash would be accepted as deposits on Coinbase Pro and in another 12 hours, they will begin its trading. This announcement has resulted in quite the price hike for Zcash, which has also encouraged a storm of opinions and voices on Twitter and other forms of social media.

Zcash, the cryptocurrency allows users to utilize their own discretion to protect the privacy of their transactions where the difference between Zcash’s “transparent” and “shielded” transactions is the same as that between unencrypted HTTP and encrypted HTTPS. The transparent or unencrypted version allows third parties to view the metadata, while the shielded/encrypted version does not. At the onset, the exchange will support deposits from both transparent and shielded addresses; withdrawals will only be available to transparent addresses though they have plans to explore into the ambit of providing withdrawal facilities for the shielded version too.

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There will be four stages to the launch, information about which, they said would be available on their blogs.

  1. Transfer-only. This will start at 10 am PT on Thursday, November 29, and customers will be able to transfer ZEC into their Coinbase Pro account. However, they won’t yet be able to place orders, and no orders will be filled on an order book which will be in a transfer-only mode for at least 12 hours.
  2. Post-only. The second stage is where customers would be able to post limit orders, but there will be no matches (completed orders). Order books will be in a post-only mode for a minimum of one minute. This market state has been shortened to ensure better market health during launch.
  3. Limit-only. In the third stage, limit orders will start matching, but customers will be unable to submit market orders. Order books will be in a limit-only mode for a minimum of ten minutes.
  4. Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders.

This announcement has resulted in a surge in the price of Zcash, with current action up 14% to about $92 and has left social media in a frenzy. The coin, however, is available only on Coinbase Pro and not yet on Coinbase.com or the mobile app.