ZCash (ZEC) Delisted from UK Coinbase Branch
The anonymous coin faced headwinds as the requirement for exchange transparency clashes with the coin’s protocol.
In a regional decision, ZCash (ZEC) will be delisted from Coinbase UK, due to concerns the anonymous coin’s qualities go against the principles of exchange transparency. The service for ZEC will be discontinued on August 26:
ZEC is seen as one of the most powerful veiling technologies, although anonymous coins have been viewed with caution. Usually, a trader will partially de-anonymize, especially when depositing coins.
ZEC has been a key asset in the crypto ecosystem, giving rise to coins like ZClassic (ZCL) and other anonymous forks. The project, however, has been criticized for its large-scale pre-mine that paid its founder and some of the developers.
In the past, anonymous coins have been delisted from Japanese exchanges, including Monero (XMR). Other market operators are skeptical of listing anonymous coins, as it is difficult to determine their origin.
The news added to the downward pressures for ZEC, bringing the price down 14% this past week, down to $57.52. This valuation is a far cry from the record above $4,200 and the all-time short-term peak at $5,941.80. ZEC also reached prices above $700 during the boom in December 2017, and went on to slide without marking new highs.
ZEC is currently seen as a disappointing asset, going for a prolonged slide against Bitcoin (BTC). At one point, the project had the ambition of displacing the leading coin, which is not anonymous and transactions clearly link senders and receivers. But this did not help the anonymous coin, which keeps posting new record lows.
ZEC trading is also limited to relatively small exchanges, such as LBank and YoBit, with a trading volume of around $98 million’s equivalent in 24 hours. The ZCash network also works through about 6,050 transactions in 24 hours, a relatively low count compared to more established coins.