Privacy Coin Zcash Community to Develop Wrapped Token for Ethereum

The privacy-focused cryptocurrency Zcash (ZEC) is seeking access to Ethereum’s decentralized finance (DeFi) ecosystem.

Zcash’s shielded addresses on the Ethereum network

On Oct. 13, Coindesk reported that the topic of interoperability was the theme of the now concluded Devcon 5 developer conference in Osaka, Japan, where a number of smaller cryptocurrency projects displayed interest in accessing Ethereum’s DeFi ecosystem. Summa co-founder, James Prestwich, told the news outlet:

“Connecting to other chains doesn’t seem to be an Ethereum developer’s priority, but other chains seem to want to connect to Ethereum.”

Developers all over the world have been working on interoperability solutions to enable different networks to interact more efficiently in an attempt to eradicate existing issues in regard to scalability and speed. 

In that regard, Josh Swihart, VP of marketing and business development at Electric Coin Company, said that the Zcash community will develop a wrapped ZEC token that can be used on the Ethereum blockchain network, adding:

“If you want to do lending, if you want to do DAOs [decentralized autonomous organizations], all of that stuff could be done with Zcash as well … Ultimately, we want Zcash shielded [addresses] to be usable in Ethereum smart contracts.”

When asked why decentralized app creators might want shielded address and smart contract options, Zcash Foundation board member Ian Miers said:

“You don’t want to be the kid at Chuck E. Cheese where everyone knows you have all the tokens.”

Zcash gets delisted on Upbit and OKEx

Cointelegraph previously reported that South Korean cryptocurrency exchange Upbit was ceasing trading support for six cryptocurrencies, including Zcash. The exchange clarified that the reason for delisting these six privacy coins is to block the possibility of money laundering and the inflow from external networks.

Just days before, OKEx Korea confirmed it would halt trading of Zcash and other privacy-focused coins. The exchange said that the coins fall foul of new guidelines set out by the intergovernmental body the Financial Action Task Force.