The price of ZenCash (ZEN), a privacy platform for transactions, jumped over 40% following an official announcement that it will be listed on Binance, the world’s most popular cryptocurrency exchange.

🔊 ZenCash is now listed on #Binance! Open trading for ZEN/BNB, ZEN/BTC and ZEN/ETH trading pairs at 2018/05/23 05:30 AM (UTC). Users can now start depositing ZEN in preparation for trading! @binance #zencash pic.twitter.com/95Tw3GnSbe — Horizen (@horizenglobal) May 23, 2018

According to the announcement, ZenCash will be open for trading with three available trading pairs: ZEN/BNB, ZEN/BTC and ZEN/ETH. At the time of this writing, ZenCash has gained nearly 42% to bring the coin’s price to $49.50 with a market cap of $193 million.

ZenCash has recently drawn significant attention from Digital Currency Group (DCG), a major cryptocurrency investment firm and notable owner of popular crypto news site CoinDesk. Speaking at the Stocktoberfest East conference in New York City last month, DCG founder and CEO Barry Silbert revealed that ZenCash has made it onto the firm’s “conviction list,” which means that they have invested a “meaningful” amount of money into the project.

“I love the team,” Silbert said of ZenCash, “I love the vision, and the community that we’ve gotten to know is incredibly passionate.”

Recent coin listings on Binance have resulted in a similar effect: Bytecoin’s (BCN) price surged over 100% following the listing before the additional traffic slowed its network to a crawl and Augur (REP) saw an immediate buying frenzy, sending its price up 100% before quickly retracing most of the gains.

Time will tell how high Zencash will go following this uplisting, and if the coin can retain the newly gained market capitalization.

Update: Binance released a notice that it would postpone the ZenCash listing due to network congestion, but quickly followed up with a statement that everything was in the clear.

More on ZenCash

ZenCash is a secure and private platform for money, messages, and media. An ambitious project with a strong R&D focus, ZenCash is building out a suite of features for its platform, all with an underlying element of privacy. ZenCash is a fork of Zclassic (itself a fork of Zcash), but with a few distinct differences, namely: secure messaging, a voting and proposal system, and a 12% miners fee for the duration of the project. (more)