Zcash (ZEC) defied a wider crypto market downtick and jumped by 12% on Thursday as Coinbase rolled out a brand new function for the privateness coin.
ZEC outpaced the general crypto market cap, which dropped by almost 2% over the identical time interval, in keeping with 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 sooner or later in the past.
On Thursday, Coinbase announced that its customers can now ship Zcash to TEX addresses.
Zcash has multiple types of addresses, together with clear addresses (t-addresses) and personal/shielded addresses (z-addresses), which make use of zero-knowledge proofs to allow transaction knowledge 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 unattainable to ship funds from a Shielded Handle. In follow, meaning you will want to ship funds out of your Shielded Steadiness to considered one of your individual Clear Addresses after which from right here to the receiver’s TEX handle…
On account of governments weaponizing cash towards protestors, residents of nations they disagree with, and so on., they’re more and more keen on stripping folks of the human proper of privateness. Because of this, they’re creating extra regulator strain on intermediaries like Binance. This has resulted in insurance policies comparable 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 end result was that TEX addresses had been born.”
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