A New Cryptocurrency has Been Created by One of the Largest Exchanges

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bithumb

Bithumb is one of the largest exchanges that currently hosts the big players in the cryptocurrency industry such as Bitcoin and Ethereum. This Tuesday, October 2nd, the exchange added support for a new cryptocurrency.

The exchange, based in South Korea decided to list Zcash which brands itself as a currency based around privacy on the blockchain platform. The currency, like other cryptocurrencies allow customers to buy and sell it without the use of middle man such as a bank. Zcash uses the same platform as Bitcoin and Ethereum, and works similarly in that it uses a distributed network across various computers around the globe. The benefit to Zcash is that it provides the users with extremely tight levels of security and anonymity which cannot be said about certain other coins.

The addition of Zcash onto the Bithumb exchange comes after another cryptocurrency exchange known as CEX.io based out of England, added support for the cryptocurrency.

Some have been slightly worried toward the South Korean exchange as they have banned recently the use of initial coin offerings or ICOs. ICOs are what some companies use to raise capital. They do this by issuing a coin similar to a stock that can then be traded for money or held on for investment sake.

As of the announcement of Bithumb adding Zcash to its marketplace, the coin shot up over 70{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca} to around $400. Since that day on September 28th, the coin has dropped back down to about $240.

The global business development manager at Bithumb, David Lim, stated that when they choose a coin to put on their platform, they first “consider the coin’s security, technology, and investment worth.”

The hopes are high that this will not be the first of the coin’s that large exchanges continue to add to their platforms, helping to legitimize the industry and grow it at a solid pace.

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