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Zcash to originate a wrapped token to access Ethereum DeFi ecosystem – Zcash News

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Saloni Sheelwant
Saloni Sheelwant treasures to research and write about the new startups and technologies thriving at a very fast pace.

Zcash community is planning to originate a ZEC token that can function on the Ethereum blockchain. As reported, the developers aim to release a wrapped token within the next six months. If the plan comes into execution, Zcash will indeed partake in Ethereum's decentralized finance ecosystem. The ZEC token is predicted to provide anonymous, automated loans and transactions through the network.

Zcash is reportedly seeking access to Ethereum’s DeFi ecosystem. According to the reports, the privacy coin’s community is planning to develop a Wrapped token that can function on the Ethereum blockchain and can participate in the network’s decentralized finance ecosystem.

Josh Swihart, the VP of marketing and business development at the Electronic Coin Company, made a statement at the Devcon developer conference held last week, which stated that the creators at Zcash hope to launch the new ZEC token within the coming six months. Following the execution of efforts and integration onto the DeFi platform, it is anticipated that the token will hold the ability to render anonymity, automated loans, and transactions via the Ethereum network.

The developers on the community also hint at a probability of the interoperability that would permit the privacy traits of ZEC to be applied to smart contracts. ECC, parallelly, has set focus to make Zcash widely accessible for DeFi applications. Swihart stated, “If you want to do lending, if you want to do DAOs, all of that stuff could be done with zcash as well. … Ultimately, we want zcash shielded to be usable in ethereum smart contracts.”

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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Indian regulators postpone introducing the “anti-cryptocurrency” bill.

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