Zcash Community to Develop Wrapped Token for Ethereum

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

On October 13, it has been reported that the topic of interoperability was the theme of the concluded Devcon 5 developer conference in Osaka, Japan, where a number of smaller cryptocurrency projects displayed interest in accessing Ethereum’s DeFi ecosystem.

James Prestwich, the co-founder of Summa, 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.” James Prestwich

However, the developers from 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, the Vice President 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.

He added:

“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.” Josh Swihart

After asking about why decentralized app creators might want the shielded address and smart contract options, Ian Miers, the Board Member of Zcash Foundation said:

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

Ian Miers

Zcash gets delisted on Upbit and OKEx

Earlier, it has been reported that Upbit, the South Korean cryptocurrency exchange was ceasing trading support for six cryptocurrencies, including Zcash. However, 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.

Likewise, OKEx Korea confirmed that it would halt trading of Zcash and other privacy-focused coins.

Thus, the exchange said that the coins fall foul of new guidelines set out by the intergovernmental body of the Financial Action Task Force.

#ethereum #OKEx #Zcash

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