Coinbase had a reputation of not adding private altcoins, but that is changing today. The company has added Zcash to Coinbase Pro.
When it comes to adding new coins, Coinbase is infamous for its dislike of privacy-focused altcoins. It has not added a single privacy focused altcoin to its platform till date. That standard, however, is changing today as company has listed first private alt on its Pro trading platform. That’s right – Zcash, arguably the most famous private altcoin, is not listed on Coinbase Pro, and an announcement in this regard has been done a few hrs back.
Writing about how company will facilitate trading in Zcash while maintaining transparency Coinbase said in its press release:
“Initially, we will support deposits from both transparent and shielded addresses, but only support withdrawals to transparent addresses. In the future, we’ll explore support for withdrawals to shielded addresses in locations where it complies with local laws.”
Coinbase used the analogy of unencrypted HTTP and encrypted HTTPS addresses to describe the difference between transparent and shielded addresses of Zcash, which sounds very correct technically. Zcash also thanked Coinbase for its intention of extending support to shielded addresses. Zcash Company said in its announcement:
“We are happy to hear that Coinbase has committed to exploring support for withdrawals to shielded addresses and believe this is a strong signal to the cryptocurrency, regulatory and financial community that they both respect the privacy rights of their users, and believe that privacy can and should be supported within regulated environments.”
Coinbase also clarified at the same time that at present ZEC will be available at Coinbase Pro only. It won’t be available at Coinbase.com or their mobile apps. The company will make a separate announcement when that happens. And just like any other new coin addition, the listing of ZEC on Coinbase Pro will be a 4-stage affair:
- Stage 1 (Transfer-only):In this stage users will be able to only transfer the ZEC tokens they have in their wallets to their Coinbase Pro account. No further action will be allowed. This stage will be live for 12 hrs at least, which end at 11:30 PM today.
- Stage 2 (Post-only):In this stage users will be allowed to post limit orders, but no orders will be fulfilled. The duration of this stage will be one minute. The duration of this stage is one minute.
- Stage 3 (Limit-only):In this stage Limit orders will be matched and completed, but market orders won’t be allowed. This stage takes 10 minutes.
- Stage 4 (Full Trading):In this stage full trading services are initiated.
At the time of writing things are in Stage #1. The users will be able to trade ZEC tokens easily on Coinbase Pro around 11:45 PM tonight (according to IST).
Now let’s see when the token is made available on Coinbase.com.