Bithumb, one of the largest exchanges in the world based in South Korea, has listed Zcash cryptocurrency. It is noteworthy, that Bithumb’s addition of Zcash comes a day after CEX.io, another cryptocurrency exchange based in England, added support for the cryptocurrency.
Zcash differs from other cryptocurrencies in its use of “zero knowledge 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 as well as the amount paid. The technology is still very new and, therefore, still undergoing testing.
Thus, Bithumb lists nine different cryptocurrencies for people to trade: Bitcoin, Ethereum, Ethereum Classic, Dash, Litecoin, Bitcoin Cash, Monero, and Zcash. David Lim, global business development manager at Bithumb, notes that "the number transactions related to Monero, which Bithumb listed in August, and Zcash are growing rapidly".
Bithumb will continuously introduce competitive coins in Korean market by studying their technology and considering the cryptocurrency market status.
Global business development manager, Bithumb
Consequently, with the rumours about Zcash being added to Bithumb’s listings, there was a massive spike in price for the cryptocurrency. The market value for Zcash shot up more than 70% to nearly $400 per Zcash token, though the price has since fallen back down to around $240.
Zcash price chart on coinmarketcap.com
Still, at the time of writing, Zcash price is about $238.91, it's market capitalization is $556,046,291.