Zcash Extends Rally Into Asian Trading Day

ZEC posted gains of 6% during Asian business hours, lifting its gain this week to 12%.

Feb 2, 2022 at 9:13 a.m. UTC
Updated Feb 2, 2022 at 4:18 p.m. UTC

Zcash (ZEC), one of the first privacy-focused cryptocurrencies, gained in Asian trading as the Zcash protocol’s shift toward proof-of-stake and compliance directives won more support from market participants.

  • ZEC cleared the $100 mark, rising as much as 6% over 24 hours and 12% so far this week, according to CoinGecko.
  • The Zcash protocol is one of the original privacy tokens, launching in October 2016 as a fork of Bitcoin.
  • In November, Electric Coin Company, the team behind the project, announced it was transitioning Zcash to proof-of-stake by 2023 and planned to release an official wallet.
  • The market also reacted favorably to ZCash’s compliance plan. The team said the protocol is fully compatible with global anti-money laundering and counter-terror financing standards as well as Financial Action Task Force recommendations like the "travel rule," which requires keeping customer data with any transaction. In a blog post, the team said the majority of transactions occur on FinCEN-registered exchanges in the United States. FinCEN is a unit of the Treasury Department.
  • Privacy protocols and mixers have been in the news recently; for instance, over $30 million in digital assets was stolen from Crypto.com and mixed through Tornado Cash.
  • In an interview with CoinDesk, Tornado Cash’s co-founder Roman Semenov said that law enforcement tends to focus on obtaining IP addresses from infrastructure providers because these can be tied back to a name via subpoenas instead of privacy tokens.
  • The RAND Corporation noted in a 2020 report that there is no evidence of widespread illicit use of ZEC, as crooks prefer to use bitcoin.

Read more about
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
ICO-Funded Project Sparkster Converts $22M in Ether to USDC After 3 Years, No Product

Sparkster promised investors a “no-code” software-creation platform using $30 million in funds raised from investors in 2018.

Sparkster promised investors a “no-code” software-creation platform using $30 million in funds raised from investors in 2018.

CoinDesk - Unknown
2
CoinDesk - Unknown
GameStop Unveils Crypto and NFT Wallet, Shares Jump 3%

A beta version of the self-custodial Ethereum wallet is available to download now from GameStop's website.

A beta version of the self-custodial Ethereum wallet is available to download now from GameStop's website.

CoinDesk - Unknown
3
CoinDesk - Unknown
Japanese Bank Sumitomo Mitsui Trust to Establish Digital Asset Custodian: Report

The bank's pivot to digital assets comes alongside a global banking shift toward cryptocurrencies.

The bank's pivot to digital assets comes alongside a global banking shift toward cryptocurrencies.

CoinDesk - Unknown
4
CoinDesk - Unknown
BNP Paribas Joins JPM's Blockchain Network Onyx for Fixed Income Trading: Report

The French bank will use the Onyx network for short-term fixed income trading.

The French bank will use the Onyx network for short-term fixed income trading.

CoinDesk - Unknown