Users of Coinbase in the UK continue to hear bad news. This one is specifically going out to the holders of Zcash. This rumour started to float around this week when the cryptocurrency was all of a sudden dropped by the US giant.
Coinbase and the UK Banking giant Barclays recently ended their relationship and now Coinbase is now banking with ClearBank who allegedly demanded that Zcash was to be delisted.
The Editorial Director for the American Institute for Economic Research, Jeffrey Tucker commented on the split and suggested that it might portend more ‘headwinds’ for the US exchange than for Zcash itself.
“Another solution for moving from Coinbase crypto to cash and back again will emerge. At the same time, it is not getting easier for crypto banking institutions like Coinbase. It is getting harder. Keep in mind that Coinbase is a financial intermediary itself, of the very type that crypto was supposed to make unnecessary.”
So instead of “individuating banking, the crypto market has largely developed into a mediated token market”, that led it to require another layer of onramps and off-ramps, according to Tucker:
“There is a growing consensus that traditional Bitcoin, which enjoys a 65% market domination, is not suitable as a means of exchange. Other tokens might benefit from this shift. But the market is extremely crowded and will continue to shake itself out in the coming years.”
Tedra Desue writes for CCN that Zcash is embraced by holders due to its optional privacy features. But the ‘anonymous’ token has concerns surrounding it about it not-passing regulatory muster in the UK.
Holders of Zcash in the UK now have until 26th August to convert their holdings into any other cryptocurrency or run the risk of having them forcibly converted into British sterling.
Currently priced at $50 following an 8.29 percent change in value, Zcash is in the red, much like the rest of the market.