BitGo Adds Zcash Digital Coin to its Wallet | Crypto

BitGo has added ZCash: The “world’s most secure Crypto wallet” startup BitGo has added Zcash (ZEC) coin to its wallet and custodial services as the coin has a strong focus on privacy and security – two very agreeable features for BitGo.

The announcement was made by the company today.

“Zcash is a compelling digital currency that many hedge funds, exchanges, and customers have been asking for because of its emphasis on privacy,” BitGo CTO Ben Chan said.

BitGo already houses Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin and Bitcoin Gold. Zcash will be its seventh addition to its network.

BitGo has Added ZCash

Zcash was formed in 2015 by Zooko Wilcox and claims to be “the first open, permissionless cryptocurrency that can fully protect the privacy of transactions”. It does this by offering two addresses to its users. One type is an unshielded or transparent address which is publicly viewable. Transactions using these addresses are viewable by everyone on the network. However, the second type uses the so-called ‘z-addresses’ and these addresses are shielded meaning users can transfer coins without revealing details such as names, locations, and amounts associated with the transaction. 

Because it expresses an emphasis on the private transferring of coins, Zcash has come under scrutiny for being “too private” and has been accused of being a criminal favorited coin similar to Monero, precisely because of its privacy features. 

BitGo

However, BitGo shares a similar emphasis on privacy and it seems the company appreciates this aspect of Zcash. It is a network that targets institutional investors, offering them instant wallets that have three keys: one held by the company, one held by the clients, and one held on behalf of the user by a third-party as a “Key Recovery Service” (KRS).

According to its website; “BitGo pioneered multi-signature technology, key recovery solutions, zero confirm transaction services and other safety and usability protocols that have enabled businesses to use digital currencies.”

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ZCash Price Today

The news seems to be good for Zcash as the coin has risen today .84% and currently stands at $219.72 USD. It’s not exactly astronomical but any rise is a good rise in the cryptocurrency world!

Featured Image: Deposit Photos/peshkova