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 practically 2% over the identical time interval, in accordance with CoinGecko.
The 141st-ranked crypto asset can be up practically 29% previously 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 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 not possible to ship funds from a Shielded Tackle. In apply, which means you will have to ship funds out of your Shielded Stability to one among your personal Clear Addresses after which from right here to the receiver’s TEX tackle…
Resulting from governments weaponizing cash in opposition to protestors, residents of nations they disagree with, and many others., they’re more and more excited about stripping individuals of the human proper of privateness. In consequence, they’re creating extra regulator strain on intermediaries like Binance. This has resulted in insurance policies corresponding to all funds deposited into Binance should come from a clear tackle. 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.”
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Test Price Action
Comply with us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Each day Hodl will not be funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal danger, and any losses chances are you’ll incur are your accountability. The Each day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please notice that The Each day Hodl participates in affiliate marketing online.
Generated Picture: Midjourney
