Bitstamp Considers Adding Support For Zcash

Bitstamp considers adding support for ZCash while also launching a new batch of crypto-asset listings as we are reading in the latest Zcash news.

Bitsatamp is one of the longest-operating crypto exchanges. Right now, Bitstamp considers adding support for Zcash despite the increasing number of platforms that want to get away from the privacy coins because of the associated regulatory risks. Back a few days ago, the exchange announced they are exploring the support for seven more crypto assets including one privacy coin and two stable coins. The prospective listings comprise Ethereum Classic (ETC), Stellar Lumens (XLM), Basic Attention Token (BAT), Paxos Standard (PAX), 0x (ZRX) and the USD Coin.

In 2019, the updated money laundering guidelines from the FATF or financial action task force comprised the boost for the spate of privacy coin delistings. The leading crypto exchange Coinbase, based in the US, announced that they will no longer provide support for Zcash pairing and custody for customers that are based in the United Kingdom.

In September, the South Korean exchanges Upbit and Okex, announced they will also stop supporting a few privacy coins including Monero, ZEC, Dash which are commonly described as the three anonymous siblings by the Japanese regulators. Bitpay also stopped supporting Monero’s XMR in November 2019. The exchange noted that consideration of the prospective listings will involve safety and compliance reviews, strict technical reviews and other regulatory issues for approval in certain jurisdictions.

Bitstamp added that the users could start noticing signs of engineering work that will be related to the crypto assets under consideration by saying:

 “We cannot guarantee that this will result in any new listings and it does not disqualify any other assets from being monitored for possible support at Bitstamp.”

If Bitstamp supports these crypto-assets and starts providing support for privacy coins, it will be the first new listing on the platform since Bitcoin Cash in 2017 and the first one introduced by the Belgium-based investment company that acquired Bitstamp back in 2018. The Electric Coin Company (ECC) which is translated as the organization standing behind Zcash recently announced its major upgrade for the cryptocurrency. Zcash announces “Heartwood” as the next big thing which aims to improve the interoperability through FlyClient support.