When Zcash was listed on Coinbase Pro a few days ago we had told you that it will take some time to make its appearance on other platforms of the company that are used largely by the retail investors. Fortunately, it didn’t take too long and now it has happened. Starting from today Zcash is available on Coinbase.com, Coinbase mobile app and all other platforms of the company. Coinbase users in most jurisdictions, except for New York and United Kingdom, can now trade and store ZEC on various platforms of the company.
The support for privacy-focused features of Zcash on retail platforms of Coinbase will work the same way as it works on Coinbase Pro. Shielded transactions can be used to send money to Coinbase wallets, but not from the wallets. An excerpt from the announcement says in this regard:
“The unencrypted/transparent version of the protocol allows third parties to see metadata associated with the communication or transaction, while the encrypted/shielded version protects this information. Initially, customers can send ZEC to Coinbase from both transparent and shielded addresses, but only send off Coinbase to transparent addresses. In the future, we’ll explore support for sending ZEC to shielded addresses in locations where it complies with local laws.”
The reactions to listing of Zcash on a platform as large as Coinbase have been sort-of a mixed bag. While some have responded to them positively, others have said that the listing may affect the privacy of Zcash. Zero-knowledge cryptography is a key distinction of Zcash, and there’s skepticism in the community that this feature may be compromised by Coinbase listing. Zcash Founder Zooko Wilcox, however, has been trying to calm down the skepticism by sharing optimistic thoughts on the same. He recently said in a statement:
“As the industry matures, we believe privacy protections will be mandated by most exchanges, governments and other financial institutions, leading to the broad adoption of Zcash.”
The price of Zcash is unlikely to be impacted by this event, as the so-called ‘Coinbase effect’ has now come full circle. The price of ZEC tokens had climbed as much as 30% within a day of listing on Coinbase Pro, and then fell sharply as much as 17% along with other cryptocurrencies. So now any major movement is unlikely to happen.