Coinbase Pro Lists Zcash (ZEC), Causing Price to Surge Over 6%

On Thursday (29 November 2018), crypto exchange Coinbase announced that it had listed privacy coin Zcash (ZEC) on "Coinbase Pro", its platform for professional/experienced traders.

Coinbase Pro started accepting Zcash (ZEC) deposits at 10:00 PT (18:00 UTC) on November 29th; as with previous new listings, the exchange will continue accepting deposits "for at least 12 hours prior to enabling trading." And as usual, only when there is sufficient liquidity, Coinbase Pro will enable trading of the ZEC/USDC pair to start. The jurisdictions currently supported are the U.S. (excluding NY state), Canada, UK, European Union, Singapore, and Australia.

Note that only once Coinbase has seen that there are no technical issues with ZEC trading on its Pro platform, it will consider adding ZEC to Coinbase Consumer (Coinbase.com) or its mobile apps.

ZEC is going to have a four-step staged launch. Each of these stages will be followed independently "for each new order book". If at any point, one of these new order books fails to meet Coinbase's standards "for a healthy and orderly market", they may "keep the book in one state for a longer period of time, or suspend trading."

The four stages are:

  • Transfer-only. During this stage, which started at 10am PT on Thursday November 29th, customers can transfer ZEC into their Coinbase Pro account. "Customers will not yet be able to place orders, and no orders will be filled on these order books. Order books will be in transfer-only mode for at least 12 hours."
  • Post-only. "In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one (1) minute. This market state may be kept short or extended to increase market health during launch."
  • Limit-only. "In the third stage, limit orders will start matching but customers will be unable to submit market orders. Order books will be in limit-only mode for a minimum of 10 minutes."
  • Full trading. "In the final stage, full trading services will be available, including limit, market, and stop orders."

At press time, according to data from CryptoCompare, ZEC is trading at $84.10, up 2.54% in the past 24-hour period.

Featured Image Courtesy of Coinbase

Coinbase, EOS Community Clash Over Supposed ‘Degraded Performance’

Francisco Memoria

The San Francisco-based cryptocurrency exchange Coinbase has been clashing with the EOS community on social media over supposed “degraded performance” the EOS network has been suffering.

According to a tweet published by one of Coinbase’s official accounts, the EOS network is experiencing “degraded performance levels” and as a result EOS sends have been disabled, while receives may be delayed. Coinbase’s status page shows it has been seeing degraded performance on the network for four days.

In February 17, Coinbase also noted there were delays in EOS sends/receives as it was working “rough a backlog of outgoing EOS transactions.” Responding to Coinbase EOS New York, a major EOS block producer, claimed the network was fully functional and that the problem came from the cryptocurrency exchange itself.

On Reddit, EOS New York wrote that the “network is operating fine and Coinbase is shifting blame away from their internal infrastructure problems.” It added no other entity reported issues and that instead the exchange could reach out to block producers for free help.

EOS Nation, another major EOS block producer, responded to the exhcnage saying the network did face some hiccups but is nevertheless “extremely reliable.”

Some speculate the EOS network may still be facing congestion from time to time over the controversial EIDOS airdrop, that put the network into a “congestion mode” late last year and forced Coinbase to raise the amount of staked CPU on its wallets to process transactions.

Some believe the EIDOS airdrop is being run to make EOS’s shortcomings stand out and incentivize users to use other blockchains using the EOSIO software, created by the company Block.one. Voice, the social network the company is set to launch ,is for example launching on a “purpose-made EOSIO blockchain.”

Featured Image Credit: Photo via Pixabay.com