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 be up almost 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 sorts 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 inconceivable to ship funds from a Shielded Deal with. In observe, meaning you have to to ship funds out of your Shielded Steadiness to certainly one of your personal Clear Addresses after which from right here to the receiver’s TEX deal with…
Resulting from governments weaponizing cash in opposition to protestors, residents of nations they disagree with, and so forth., they’re more and more concerned with stripping folks of the human proper of privateness. Consequently, they’re creating extra regulator stress on intermediaries like Binance. This has resulted in insurance policies corresponding to all funds deposited into Binance should come from a clear deal with. This requirement meant Binance gave an ultimatum of both implement this on the protocol degree or we’ll delist Zcash and the consequence was that TEX addresses have been born.”
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