Will the new altcoin 'Zcash' be the next big thing through Bithumb?



- Current market cap approx. $648.5 million, reaching 470 fold since listing, ranking 15th on CoinMarketCap



- Through official partnership with ZECC Corp., Bithumb launches exclusive 'Zcash-Back' Event

SEOUL, South Korea, Oct. 16, 2017 /PRNewswire/ -- Following Monero's (XMR) listing in August, the announcement of Zcash being listed as the 9th coin on Bithumb has drawn the attention of the virtual currency market.

Bithumb (CEO Kim, Daesik / www.bithumb.com), the largest virtual currency exchange, announced that it has listed the untraceable encrypted coin 'Zcash (ZEC)' on the 28th of September.

Zcash is an altcoin created in October 2016, which had been mainly traded on Poloniex, a US-based digital asset exchange. After thorough review of Zcash's technology and value, Bithumb decided to list it as its 9th coin, paving the way for Zcash trading in the Korean market.

Since the announcement, Zcash has been attracting attention in the coin market with its outstanding technology and security. Its market cap has surged from $1.3 million to $648.5 million (as of 11:02 AM on 28th September, 2017, CoinMarketCap) upon listing.

The trading price of Zcash is currently around $217~$304, showing a competitive price not far behind other highly-ranked coins such as Ethereum, Dash and Ripple. Earlier this year, Zcash showed sluggish growth with its prices down to $26, but by June, it showed tremendous recovery by reaching $435.

Zcash has noticeably improved its ranking in the coin market by jumping to its current ranking of 15th from 30th back in December. Its average daily exchange volume is around $26 million~$43 million, proving steady growth.

What makes Zcash so compelling is its untraceable anonymity. Based on zero-knowledge proof technology, Zcash is an encrypted coin that perfectly protects one's privacy, concealing the identity of the users as well as the transaction amount. Thanks to its highly-protective anonymity, its value is highly recognized in Silicon Valley, US, and used worldwide, including China, South Africa, Argentina, Brazil, Venezuela, etc.

Such cutting edge technology is the result of high-level expertise of the Zcash team, consisting of scientists and engineers whose competence is highly held in prominent universities all over the world, along with the Zcash founder 'Zooko Wilcox', who has studied encrypted coins, decentralized systems and security industries for a long time.

In celebration of the Zcash listing, Bithumb hosted a 'Zcash-Back Event' after signing with ZECC Corp. as an official marketing partner. This exclusive promotion provided 1% cashback reward for Zcash that was deposited from September 28th to September 29th, and for Zcash that was traded from the listing date to midnight of October 1st. Cashback was rewarded to all participants on October 13th.

A source at Bithumb said, "Bithumb listed Zcash as its 9th coin considering the high interest in encrypted coins and its market value," and added, "with thorough technology checks, we will continue to add new cryptocurrencies in consideration to the market situation."

Since starting its services in January 2014, Bithumb, the largest virtual currency exchange in South Korea, has become the leading virtual currency exchange in the world by recording explosive growth in daily trading volume and ranking first in the global virtual currency trading volume. Currently, it is a virtual currency-based financial platform business enterprise and is expanding its business areas to payment business and overseas remittance services, in addition to virtual currency exchange, including Bitcoin, Ethereum, etc.

Prnewswire