Bitstamp Mulls Listing Zcash; Others Plan to Abandon Privacy Coins

Bitstamp Mulls Listing Zcash; Others Plan to Abandon Privacy Coins

Bitstamp, one of the leading crypto exchanges in Europe and one of the longest-running crypto platforms, plans to list some digital assets, according to BTCwires website.

The firm aims to support Zcash (ZEC) although several exchanges seek to abandon privacy coins due to their related regulatory risks.

Bitfinex mulls new listings

On 31 March, Bitstamp announced plans to list seven crypto assets, including two stablecoins and one privacy coin.

The prospective listings include BAT, Ethereum Classic, Paxos, USD Coin (USDC), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).

The firm noted that such digital assets must comply with the relevant legislations and local rules, as well as strict technological, health and security reviews.

“As part of this exploration process, you may see signs of engineering work on our platform related to the assets listed above. 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,” Bitstamp added.

In October 2019, the digital asset exchange has signed a partnership agreement with blockchain security firm BitGo, through which the latter will provide custody services to help the former’s clients store their digital assets securely.

Under the agreement, Bitstamp clients can access a custodianship carrying $100 million in insurance.

Exchanges avoid privacy coins

In August 2019, Coinbase announced abandoning support Zcash in the UK. Electric Coin Company, the developer of Zcash, said on its Twitter account:

“Those affected by @coinbase UK issues: this is limited to Coinbase UK only. UK residents can still buy/sell Zcash through @cex_io. No other exchanges in the UK affected.”

It added:

“To pre-empt speculation, we confirm that Zcash is 100 percent compatible with UK regulations & KYC/AML requirements.”

In September of the same year, South Korea’s Upbit and OKEx crypto exchanges declared stopping support for DASH, Monero (XMR), and ZEC.

Bitstamp indicated that users may notice indications of engineering work related to digital assets applicable, including:-

“We can’t ensure that this will bring about any new postings and it doesn’t preclude some other resources from being checked for conceivable help at Bitstamp.”

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.