Exchanges

Two recent developments at Coinbase

Coinbase has been having a string of developments in the recent past. However, in the November the developments at Coinbase have led to the addition of a privacy-focused crypto on its platform and the silent activation of an OTC trading platform.

The addition of the Zcash (ZEC), a cryptocurrency seeking to provide anonymous transaction, was done on November 29. Unfortunately, the coin will only be available to those on Coinbase Pro. In preparation for the full trading of ZEC, Coinbase, a respected cryptocurrency exchange in the United States, started welcoming inbound transfers of the crypto from 10 am PST on November 29.

Zcash (ZEC) was paired with USDC, a stable value coin jointly developed by Coinbase and Circle.

Since Coinbase is location specific, the trading of ZEC will only be available to those in the supported jurisdictions. For example, although the exchange is from the U.S those in the State of New York will not be able to access the trading of ZEC on Coinbase due to regulatory constraints.

Users in the United Kingdom, Australia, Singapore, and Canada will be able to access the Coinbase Pro platform hence the trading of ZEC. In the recent past, other developments at Coinbase saw the listing of ETC, BAT, and ZRX on Coinbase Pro.

The launch of ZEC on the Coinbase Pro platform will involve four stages i.e Transfer-only, Post-only, Limit-only, and Full-trading.

Other developments at Coinbase led to the opening of an Over-the-Counter (OTC) trading solution to serve institutional cryptocurrency investors.  The OTC desk was meant to cater for the institutions which use it as ‘an on-ramp for crypto trading.’

The OTC platform was opened to serve clients on Coinbase Prime. However, Christine Sandler, head of sales, Coinbase, indicated that the OTC service may soon be availed to customers on Coinbase Custody.

The OTC service has been in the works from June this year when it was first hinted by Asiff Hirji, COO and president at Coinbase.

Do you think developments at Coinbase will continue to have a major focus on institutional cryptocurrency investors?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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