Coinbase Competitor Circle Adds Zcash to Crypto Investment App
Circle Invest is set to add Zcash to its cryptocurrency trading portfolio. Circle, the payments startup firm announced this in a blog post on April 30. Zcash becomes the sixth cryptocurrency in the Circle Invest trading catalog.
The addition of Zcash is the first of many announcements scheduled for the next three weeks.
Hello, Zcash 👋. A new coin just joined the Circle Invest family, and it's available for you to buy right now. Learn more here: https://t.co/pR0y6T1H2K
— Circle Invest (@circleinvest) April 30, 2018
Circle invest traders can instantly purchase and trade of Zcash on the platform for as little as $1. There are no fees attached to the service, but spreads are about one percent.
Commenting on the launch, Rachel Mayer, a senior product manager at the firm said that:
Our mission for Circle Invest is to democratize access to investing in crypto assets for every consumer. Making the wider breadth of assets available on Circle Invest will continue to be a part of this mission, and of course doing our best to ensure that we bring the crypto without the cryptic to everyone, anywhere.
Circle Invest is a cryptocurrency trading app developed by Circle, the Goldman Sachs-backed payments startup. The app is part of the business catalog of the Circle Internet Financial Ltd. Enterprise. The platform allows users to buy and sell cryptocurrencies as well make fiat deposits and withdrawals. Circle Invest offers zero-commission trading which sets it apart from Coinbase, one of its main competitors.
Upon its launch in March 2018, Circle Invest was available in all but four states in the U.S. The platform recently got approval to operate in New York. Wyoming, Minnesota, and Hawaii remain the only U.S. states where the platform remains unavailable. The other five supported cryptocurrencies are Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ethereum Classic.
A Little Bit About Zcash
The latest addition to the Circle Invest crypto offering is a privacy-focused cryptocurrency. Zcash transactions are completely anonymous on the blockchain making it a perfect alternative to bitcoin according to NSA whistleblower, Edward Snowden.
In January 2018, Grayscale predicted that the crypto could moon to over $60,000 by 2025. The bitcoin asset management company believes that Zcash has the potential to become a global offshore investment opportunity. In Japan, the FSA is putting pressure on crypto exchanges to drop privacy-focused cryptos like from their catalog. Coincheck, the victim of the $530 million NEM hack in January 2018 has removed support for Zcash, Monero, and Dash.
Are you excited by the latest addition to the Circle Invest portfolio? Which coins do you think the platform should add next? Please share your views in the comment section below.
Image courtesy of Zcash, Shutterstock, Twitter