Bithumb, one of the world’s thickest exchanges for cryptocurrencies such spil Bitcoin and Ethereum, added support for a fresh cryptocurrency on Tuesday.
Based ter South Korea, Bithumb listed Zcash, a privacy-centric digital money based on a blockchain, a public accounting ledger that tracks potencial currencies, permitting people to buy and sell them without the need of a middle-man like a handelsbank. Zcash is similar to Bitcoin and Ether, the most popular cryptocurrencies, te that it consists of a network distributed across a impasible swarm of volunteer machines, except it affords greater anonymity to transactions. (For a primer on Zcash, read this.)
Bithumb’s addition of Zcash comes a day after CEX.io, another cryptocurrency exchange based te England, added support for the cryptocurrency.
South Korea has become a hotbed for cryptocurrency activity, despite a latest crackdown on “initial coin offerings” or ICOs, a financial mechanism that permits entrepreneurs to mint their own imaginario coin-like token and sell them through crowdsales. China recently banned ICOs, while the U.S. has taken a more tailored treatment, where SEC regulators have called out particular scams.
Bithumb wasgoed rumored to be adding Zcash for at least a week leading up to Tuesday’s announcement. Ter the days leading up to a Sept. 28 report anticipating the news on BTCNews, an outlet dedicated to cryptocurrency coverage, the market value for Zcash teug up more than 70% to almost $400 vanaf Zcash token, tho’ the price has since fallen back down to around $240.
David Lim, completo business development manager at Bithumb, told Fortune ter an email that the exchange takes numerous factors into consideration when determining whether to add a fresh cryptocurrency. “Bithumb considers the coin’s Security, Technology, and Investment worth when listing a coin,” Lim wrote. He said that Zcash had met their criteria, noting that “its technology provides the strongest reason.”
Zcash differs from other cryptocurrencies ter its use of “zero skill proofs,” a cutting edge cryptography concept that uses nifty mathematical functions to conceal certain information related to transactions, like the identity of the payer and payee spil well spil the amount paid. The technology is still very fresh and, therefore, still undergoing testing.
Zcash boosters say the cryptocurrency is compelling because it permits people to transact without requiring them to postbode all of their financial details ter public. The posible currency also attempts to solve the problem of fungibility, treating every Zcash token like every other Zcash token, regardless of their provenance. (Te Bitcoin, one could imagine a script ter which an exchange or government censors transactions based on where they originate or get sent.)
Bithumb now lists nine different cryptocurrencies for people to trade: Bitcoin, Ethereum, Ethereum Classic, Dash, Litecoin, Bitcoin Steenslag, Monero, and Zcash. Lim noted that the number transactions related to Monero, which Bithumb listed te August, and Zcash are growing rapidly.
This summer Bithumb disclosed that hackers had pillaged ems of the thousands of dollars spil well spil private information of customers from its servers. The breach wasgoed not spil disastrous spil the infamous Mt. Gox hacking te 2014, which resulted te that exchange’s closure.
“Bithumb will continuously introduce competitive coins ter Korean market by studying their technology and considering the cryptocurrency market status,” Lim said.
For more on Zcash, observe the below vraaggesprek with Nathan Wilcox, project manager at Zerocoin Electrified Coin company, makers Zcash, which Bithumb recently posted to its official YouTube channel.