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Coinbase adds support for zcash, USDC for New York residents

Tue, 11 Feb 2020, 14:46 pm UTC

Cryptocurrency exchange Coinbase has added support for privacy-focused zcash in New York state, CoinDesk reported.

New York residents would now be able to buy, sell and exchange the cryptocurrency on Coinbase’s desktop as well as its mobile apps for iOS and Android.

Last August, Coinbase U.K had delisted zcash without citing any reasons. The move reportedly followed after UK regulators were said to be asking cryptocurrency exchanges to reveal the names of their customers and their transaction histories.

Zcash uses a type of zero-knowledge proof (ZKP), called zk-SNARKs, to allow users to hide the details of their transactions. It is currently among the top 25 cryptocurrencies by market capitalization. At the time of writing, ZEC/USD is trading at $69.44.

Coinbase has also added support for USDC stablecoin for New York residents. USDC was first issued in 2018 by Coinbase and Circle Financial as part of the CENTRE consortium.

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