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 practically 2% over the identical time interval, based on CoinGecko.
The 141st-ranked crypto asset can be up practically 29% up to now week. ZEC is buying and selling at $32.95 at time of writing, up from $29.15 in the future in the past.
On Thursday, Coinbase introduced that its customers can now ship Zcash to TEX addresses.
Zcash has a number of varieties 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 not possible to ship funds from a Shielded Tackle. In follow, meaning you’ll need to ship funds out of your Shielded Steadiness to one among your individual Clear Addresses after which from right here to the receiver’s TEX handle…
On account of governments weaponizing cash in opposition to protestors, residents of nations they disagree with, and many others., they’re more and more focused on stripping folks of the human proper of privateness. In consequence, they’re creating extra regulator strain on intermediaries like Binance. This has resulted in insurance policies similar 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 stage or we are going to delist Zcash and the consequence was that TEX addresses had been born.”
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