One of the major cryptocurrency exchanges HitBTC has expanded the list of currencies traded on its platform by adding a new digital currency called Zcash.
HitBTC has officially announced the launch of Zcash on October 28, 2016 in the company’s blog post. The opening of ZEC/BTC market is a part of HitBTC strategy to support new currencies and provide trading tools for new assets and blockchain technologies.
Launched on October 28th, Zcash is already available on most of the main exchanges, including Bitsquare, Kraken, and Bitfinex.
“We are continuously providing our users with new digital currencies and markets, choosing the new coins thoroughly,” said Paul Clarkson, product manager at HitBTC.
“There’s always a particular reason for listing a specific cryptocurrency. In the case of Zcash, the crucial advantage is an outstanding professional dev team and a hefty board of known advisors and investors. Another point is a brand-new cryptographic scheme that significantly differs from existing privacy-centric solutions. Bringing liquidity for innovative technologies is our job, and Zcash certainly deserves attention.”
The company behind Zcash was founded by a 41-year-old developer Zooko Wilcox. Designed by a group of scientists, academics, and engineers, Zcash offers an advanced cryptography and guarantees the privacy of transactions. The main difference from other cryptocurrencies is that Zcash transactions cannot be traced. Bitcoin, for instance, can be tracked by authorities as all transactions are stored in a public ledger.
Zcash has already raised $3 million and can boast a large number of shareholders, including Pantera Capital, Barry Seibert, and Roger Ver. On Monday, investors were paying more than $1,000 per unit of new digital currency.
The total supply of Zcash is set to reach 21 billion, just like bitcoin. But unlike bitcoin, which has 10 minute blocks, Zcash will have a 2.5 minute block on average.
“An ‘open source company’ seems to be a new phenomenon, which is easy to imagine in the world of crypto, though,” Paul Clarkson added.
“The open team and famous supporters should have a great positive impact on the Zcash adoption. I believe Zcash can surpass the market capitalization of $1 billion in couple of years from now.”
Today, blockchain wallet Jaxx announced that the new cryptocurrency is now available on nine of its platforms. “There’s a lot of buzz and excitement around Zcash. Our team has worked hard to speed up the integration process, to test it appropriately, and to provide thousands of customers with access to this coin as soon as possible,” said Jaxx CEO, Anthony Di lorio.
Meantime, another virtual currency exchange platform ShapeShift has unveiled the integration of Zcash today. The confidentiality of transactions, the company noted, is one of the main benefits if compared to other currencies.
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