Zcash company proudly announced, on 10 January 2019, its decision to add privacy backed digital coin Zcash(ZEC) to its over-the-counter(OTC) lineup.
Yoshi Nakamura, Global Head of Sales for Galaxy Digital, quoted:
“Galaxy Digital Trading is excited to welcome Zcash into its list of tokens that we trade OTC. We look forward to the continued development of a blockchain/token ecosystem that is fundamentally changing the world.”
Galaxy Digital is the crypto merchant bank of US billionaire Michael Novogratz. It is often projected as one of the largest cryptocurrency hedge funds in history.
The blog substantiates that Galaxy Digital has joined a host of other OTC trading firms in transacting Zcash, including Cumberland, Circle Trade and Genesis Trading. Galaxy Digital Trading (GDT) packs world-class experience from the crypto space to traditional finance.
Besides, as continued in the official discussion, the support extended by Galaxy Digital endorses Zcash as one of the well-to-do projects in the crypto community. Zcash is already well accepted by reputed sources as having a privacy edge over counterparts like Bitcoin.
As part of the extended news, Galaxy Digital OTC targets a wide audience of market stakeholders including venture capital firms, hedge funds, pension funds, and high-net-worth individuals.
To add, the platform supports a multitude of coins but has an affinity towards Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Monero (XMR), Dash (DASH), Ethereum Classic (ETC) and Bitcoin Gold (BTG). Zcash has been included to this privileged list of cryptocurrencies.
Galaxy Digital’s competitors Cumberland and Circle have revealed that institutional investors have surpassed high-net-worth individuals as the main drivers in OTC trading. The report provided an intuition that large financial institutions prefer OTC trading over cryptocurrency exchange services as OTC mode allowed them to avoid price fluctuations.
According to CoinMarketCap’s listings, the reinforcement of Galaxy Digital over Zcash spun a mega fallout of the market performance. In just a matter of 24 hours, Zcash secured an exchange rate of 57.69 U.S. dollars per coin, which was a sizeable increase of 3.77% on a daily turnout.
A short historical note around Zcash will justify the hype around this digital coin. Founded in 2015, ZEC promises and vouches for the privacy of transactions on its network. A team from the UK, however, discovered a bug which deprives the anonymity of users by 70%. This remark was duly dismissed as being irrelevant for fully-shielded operations.
With the almost starry number of Altcoins available, it comes as no surprise that on a regular basis we are witnessing a healthy embrace by reputed exchanges. Each cryptocurrency and its blockchain should have a unique selling point following which a bounty is sure to follow.