Zcash (ZEC) defied the broader cryptocurrency market decline and surged 12% on Thursday as Coinbase launched a new feature for privacy coins.
According to CoinGecko, ZEC has outperformed the entire cryptocurrency market capitalization, which fell nearly 2% over the same period.
The 141st-ranked cryptocurrency asset also gained nearly 29% in the past week. As of this writing, ZEC is trading at $32.95, up from $29.15 a day ago.
On Thursday, Coinbase announced that users can now send Zcash to TEX addresses.
Zcash has several types of addresses, including transparent addresses (t-addresses) and private/shielded addresses (z-addresses). This address can encrypt transaction data using zero-knowledge proofs, but can still be verified by network nodes.
The Zcash TEX address is the receiving address where funds must be sent from a transparent address.
This explains the Zcash wallet blog.
“If you use a TEX address you will not be able to send funds from a Shielded address. In practice, this means that you need to send funds from Shielded Balance to one of your transparent addresses, and then from there to the recipient’s TEX address.
There is a growing interest in stripping people of their privacy rights, with governments using money as a weapon against protesters, citizens of countries with which they disagree, and others. As a result, they are putting more pressure from regulators on intermediaries like Binance. This led to the policy that all funds deposited on Binance must come from a transparent address. This requirement meant Binance was giving an ultimatum: either enforce it at the protocol level or delist Zcash, resulting in TEX addresses.”
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us XFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may suffer. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created by: Midjourney