A leading cryptocurrency exchange in the United States, Coinbase, has over the recent past concentrated on adding more cryptocurrencies for institutional cryptocurrency investors. It has now added an extra coin for retail crypto investors.
According to a post published on Coinbase’s Medium blog, retail crypto investors using either the exchange’s Android or iOS application will now be able to trade the privacy-focused coin, Zcash. Additionally, Zcash will be available to retail crypto investors accessing the platform on Coinbase.com.
Unfortunately, trading Zcash on Coinbase will not be available to those in the U.S state of New York and those in the United Kingdom. However, the exchange indicated that support for more jurisdictions will be added on later.
“Zcash is a cryptocurrency that uses recent advances in cryptography to allow users to protect the privacy of transactions at their discretion. The distinction between Zcash’s ‘transparent’ and ‘shielded’ transactions is analogous to the distinction between unencrypted HTTP and encrypted HTTPS,” noted Coinbase.
Even though Zcash has a privacy focus, Coinbase notes that retail crypto investors will “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.”
Coinbase’s continued addition of new coins is being driven by customers who request to be provided with a wider range of digital assets on the platform.
Apart from adding new coins for both institutional and retail crypto investors, the exchange is developing tools aimed at getting more people into the crypto world. Part of these tools includes the introduction of a FAQs (frequently asked questions) section on its website.
Do you think Coinbase will enable the full functionality of the privacy coin to be unleashed by both institutional and retail crypto investors?
Let us know your thoughts in the comments section below.