Global investment platform, eToro, announced on Thursday it has added ZCash (ZEC) to its product range. eToro reported that ZEC is the fourteenth crypto asset to accepted on its platform.
According to eToro, ZEC is a decentralised payments network, designed to offer users greater privacy options, and was notably developed in 2016 and counts Johns Hopkins University’s cryptographer Matthew D. Green amongst its founders. ZEC transactions may be ‘transparent,’ in which case the network operates much like Bitcoin, or they can be ‘shielded,’ meaning sender, recipient, and payment values are not published on a public blockchain. Speaking about the addition of ZEC, Yoni Assia, Co-founder and CEO at eToro, stated:
“The way in which we transfer money from person to person, or company to company is constantly evolving. It is not surprising that others have taken on some of the core ideas behind Bitcoin and developed new payment networks with additional features – in the case of Zcash – privacy. We are excited to offer ZEC to eToro investors as they seek to diversify their cryptoasset holdings.”
The addition of ZEC comes just a little over a month after eToroX, a subsidiary of eToro, was granted a distributed ledger technology (Dlicenseence from the Gibraltar Financial Services Commission (GFSC). As previously reported, eToroX manages eToro’s crypto wallet and will be running the forthcoming eToro digital assets exchange. At the time of the announcement, eToro reported that the DLT license sets out nine regulatory principles designed to protect users while encouraging innovation to flourish.