Coinbase.com is now listing ZEC. This follows the official launch of Coinbase Pro integration last week that is designed to support advanced trading by experienced traders.
In addition to the Coinbase.com support, the new addition will allow traders to receive, send, sell, buy, or store ZEC through various services and platforms that are available on iOS apps and Android operating systems on mobile and tablet devices. This factor will play a vital role in facilitating the mass adoption of ZEC.
Currently, the service is live and available for prospective customers in most jurisdictions with the exception of the United Kingdom and New York State in the USA whose legal requirements are prohibitive.
Coinbase.com Is Designed For Retail Brokerage
Coinbase.com is a platform that is developed for retail brokerage services where investors can read charts and use simple tools such as signals and indicators to invest. In addition to supporting Android and iOS mobile apps, and portfolio management solutions, the network also entails features such as vault-protection and recurring buys that are fundamental in Crypto exchange services.
Vault protection enables Cryptocurrency holders trading on Coinbase to secure their Digital Assets in a vault-based wallet that has delayed withdrawal timeframes. On the other hand, recurring buys allows traders to invest in Cryptocurrencies gradually over time as they schedule monthly, weekly, or daily investments.
Downward Market Forces Are Dominant Over The “Coinbase Effect”
A Coinbase effect is a situation where the price of a Digital Asset rises following its listing on Coinbase. The logical explanation to the phenomenon is that listing creates more a buy-out situation that is usually more than selloff as at both a particular network and elsewhere.
On the case of ZEC listing, the price has been bearish along the general market slump that has been ongoing following the chaotic hard fork on Bitcoin Cash. Surprisingly, there was a marginal price rise with the integration of Coinbase Pro which has not been sustained. However, there is a surge of public interest on ZEC which experts believe would lead to a bear cycle break out in the near future.
According to Coinmarketcap data, ZEC is currently trading at $68.14 USD at a market cap of $367 million. It is the 19th biggest Cryptocurrency with a circulating supply of 5,389,644 ZEC. Additionally, the average daily trading volume is at $198,436,215.
Despite Some Criticism, ZCash CEO Is Welcoming The Listing
Some critics are dissatisfied on the overall benefit of ZEC listing on Coinbase. According to their view, the Coin is designed to proffer maximum privacy and since Coinbase is a US platform, traders would need to register on KYC/AML policies and also be subject to SEC rule according to Federal law. This would instead expose the identity of a trader which contradicts the whole concept of ZCash (ZEC) privacy features.
However, the founder of ZCash, Zooko Wilcox, is confident that Coinbase has an advanced architecture to guarantee optimal security. He points out that KYC is for the safety of users who may be exposed to risks in the absence of the requirement. In a tweet, Wilcox tells the disillusioned investors that Coinbase is mandated by law to ensure that KYC data is secure.