BitGo Institutional Custody And Wallet Provider Adds ZCash (ZEC) Support
Multi-currency storage and security platform BitGo has announced its support for leading privacy coin, ZCash.
The announcement was made on July 25, and the security startup BitGo joins the growing number of exchange platforms which support the privacy-focused digital asset.
In recent times, BitGo has increased its rate of supporting cryptocurrencies, and Ben Chan, Chief Technology Officer of BitGo has indicated that the firm’s addition of new cryptos will continue apace.
According to Chan, BitGo is planning to list more than 100 tokens by the end of 2018.
“Our mission is to offer our institutional clients the most complete portfolio of digital currency investment services, which includes the largest and most diverse basket of coins and tokens to help them hedge the market and get better returns. As one of the world’s most valuable and technologically demanding digital currencies, ZCash is an important new asset for our institutional investors.”
BitGo’s Support for Zcash (ZEC)
BitGo has been growing at a tremendous pace. Earlier this month, the security startup released support for 57 ERC20 tokens. To close out the month, BitGo has added Zcash to its growing list of digital assets.
In speaking of BitGo’s support for the privacy-centered coin, ZCash, BitGo’s CTO Ben Chan told CoinDesk that “ZCash is a natural fit for BitGo as both are focused on privacy protection, security, and cutting-edge technology.”
ZCash supports two addresses:
- Unshielded addresses, which start with a ‘t’
- Shielded addresses, which start with ‘z’.
Similarly, BitGo offers the highest level of security with its multi-signature wallets. BitGo wallets and cold storage support deposits of ZCash with unshielded or shielded addresses, however, withdrawals must be sent to unshielded addresses.
BitGo is the only platform in the industry that offers 100% multi-signature wallets across all coin types and provides the highest level of security, compliance and custodial services. BitGo was founded in 2013 by Mike Belshe and Ben Davenport in 2013.
BitGo In. has its headquarters in Palo Alto, California. The company also has offices in New York, London, Singapore, and Tokyo. BitGo currently has a customer base that includes the world’s largest cryptocurrency exchanges and spans more than 50 countries.
BitGo records an average of $15 billion per month in transactions across all cryptocurrencies. BitGo is also one of the world’s largest processor of on-chain bitcoin transactions, processing 15% of all global bitcoin transactions.
In May, BitGo filed for a charter to build its own “new, regulated, qualified” custody service for digital assets.
Although it is unclear when the BitGo Trust would open for business, marketing vice president Clarissa Horowitz told CoinDesk that the security startup is working with regulators on the process.
Price and Market Performance of ZCash (ZEC)
The announcement of BitGo’s support for ZCash was received positively, as the coin spiked although the majority of the market slid into the red.
The momentum was, however, short-lived as ZEC joins over 70% of the market facing declines.
As at the time of this writing, ZCash (ZEC) is trading at $215.87 owing to a drop of 5.17% over the last 24 hours.
ZCash is now ranked as the 20th largest cryptocurrency with an estimated market capitalization of $97.270 million USD.