BitGo, a bitcoin and cryptocurrency security and storage company, today announced support for Zcash (ZEC). BitGo provides a high level of security, compliance and custodial services. It is the world’s largest processor of on-chain bitcoin transactions — processing 15% of all global bitcoin transactions and $15 billion per month across all cryptocurrencies. BitGo manages a customer base that spans more than 50 countries and includes some of the largest cryptocurrency exchanges.
The Zcash team said, “We at the Zcash Company are excited that leaders like BitGo are adopting Zcash and that people are awakening to the benefits of financial privacy. We believe the upcoming Zcash Sapling upgrade will fuel greater adoption of Zcash’s privacy features.”
BitGo represents a growing number of industry leaders that have recently announced support for Zcash. Already this year, Circle and Gemini announced support for Zcash after receiving approval from the NYDFS. Coinbase recently announced it is exploring adding Zcash.
[perfectpullquote align=”full” bordertop=”false” cite=”Ben Chan, CTO, BitGo” link=”” color=”” class=”” size=””]“We are working hard to offer our institutional clients the most complete portfolio of digital currencies. Zcash is a compelling digital currency that many hedge funds, exchanges, and customers have been asking for because of its emphasis on privacy. We are glad to deliver a secure multi-signature implementation to store Zcash today.”[/perfectpullquote]
Earlier this month BitGo released support for 57 additional ERC20 tokens and is now ending the month with the addition of Zcash. It will be supported in both BitGo’s multi-signature wallets and cold storage custody solutions.
Zcash supports two types of addresses: Unshielded addresses, which start with a ‘t’ and shielded addresses, which start with ‘z’. BitGo wallets and cold storage support deposits with unshielded or shielded addresses. All withdrawals must be sent to unshielded addresses.