Zcash (ZEC) defied a wider crypto market downtick and jumped by 12% on Thursday as Coinbase rolled out a brand new characteristic for the privateness coin.
ZEC outpaced the general crypto market cap, which dropped by almost 2% over the identical time interval, in response to CoinGecko.
The 141st-ranked crypto asset can also be up almost 29% prior to now week. ZEC is buying and selling at $32.95 at time of writing, up from $29.15 sooner or later in the past.
On Thursday, Coinbase introduced that its customers can now ship Zcash to TEX addresses.
Zcash has a number of kinds of addresses, together with clear addresses (t-addresses) and personal/shielded addresses (z-addresses), which make use of zero-knowledge proofs to allow transaction information to be encrypted however stay verifiable by community nodes.
Zcash TEX addresses are receiving addresses that require funds to be despatched from clear addresses.
Explains the Zcash Pockets Weblog,
“TEX addresses make it unimaginable to ship funds from a Shielded Deal with. In apply, meaning you’ll need to ship funds out of your Shielded Steadiness to one among your personal Clear Addresses after which from right here to the receiver’s TEX handle…
As a consequence of governments weaponizing cash towards protestors, residents of nations they disagree with, and so forth., they’re more and more occupied with stripping folks of the human proper of privateness. Because of this, they’re creating extra regulator stress on intermediaries like Binance. This has resulted in insurance policies akin to all funds deposited into Binance should come from a clear handle. This requirement meant Binance gave an ultimatum of both implement this on the protocol degree or we are going to delist Zcash and the end result was that TEX addresses have been born.”
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