Bithumb adds Zcash

Bithumb, one of the largest exchanges in the world based in South Korea, has listed Zcash cryptocurrency. It is noteworthy, that Bithumb’s addition of Zcash comes a day after CEX.io, another cryptocurrency exchange based in England, added support for the cryptocurrency.

Zcash differs from other cryptocurrencies in its use of “zero knowledge proofs,” a cutting edge cryptography concept that uses nifty mathematical functions to conceal certain information related to transactions, like the identity of the payer and payee as well as the amount paid. The technology is still very new and, therefore, still undergoing testing.

Thus, Bithumb lists nine different cryptocurrencies for people to trade: Bitcoin, Ethereum, Ethereum Classic, Dash, Litecoin, Bitcoin Cash, Monero, and Zcash. David Lim, global business development manager at Bithumb, notes that “the number transactions related to Monero, which Bithumb listed in August, and Zcash are growing rapidly”.

Bithumb will continuously introduce competitive coins in Korean market by studying their technology and considering the cryptocurrency market status.

Global business development manager, Bithumb

Consequently, with the rumours about Zcash being added to Bithumb’s listings, there was a massive spike in price for the cryptocurrency. The market value for Zcash shot up more than 70% to nearly $400 per Zcash token, though the price has since fallen back down to around $240.

Zcash price chart on coinmarketcap.com

Still, at the time of writing, Zcash price is about $238.91, it’s market capitalization is $556,046,291.

Waves platform adds LTC and ZEC gateaways, allowing users to send and store them in their Waves wallet and to trade them on DEX.

Accoeding to the announce, LTC and ZEC gateways are now open, and can be used to move the currencies into and out of the Waves blockchain. Thus, once the currencies have been confirmed as received by the gateway, the user’s wallet is credited with a Waves token that is 1:1 backed by the cryptocurrency held within the secure server. According to the team, fees are minimal and the only delays are those required by blockchain confirmation times.

We’re really pleased to be able to announce that two more currencies are being supported within the Waves client. Litecoin and ZCash are two of the most liquid coins and very popular among traders. By providing fully backed tokens, we enable the community to trade LTC and ZEC on DEX against any other Waves tokens — continuing to increase the options for traders who no longer wish to use centralised crypto exchanges.

CEO and founder of Waves Platform

On top of that change, users will also find their address is now represented by a QR code within the Lite client, making it easier than ever to make payments and payment requests.

Related video: Cryptocurrency Price Predictions for September 2017!


Leave a Reply

Your email address will not be published. Required fields are marked *