Cake Wallet Adds Support for Zcash with Privacy Focus

Source: CryptoNewsNet Original Title: Cake Wallet Adds Support for Zcash with Privacy Focus Original Link:

Full Zcash Support Integration

Cake Wallet, the multi-chain wallet, added full support for Zcash on January 15. The integration includes shielded addresses by default and a rotation system for transparent addresses. Furthermore, the wallet enables cross-chain swaps through the NEAR Intents protocol.

Cake Wallet originally launched in January 2018 as the first open-source wallet for Monero on iOS. Its founder, Vikrant Sharma, created it with the goal of making financial privacy and self-custody accessible to everyone. Over the years, the wallet expanded its support to other assets, including Bitcoin with silent payments and Litecoin with MWEB.

Features Designed for User Privacy

The Zcash integration sets shielded addresses as the default configuration. This type of address hides the amount and addresses involved in a transaction on the blockchain. Users can opt to use transparent addresses if they prefer.

For those cases, the wallet implemented a transparent address rotation function. The system generates a new transparent Zcash address each time a user requests one. This mechanism strengthens privacy even when using the less private address type.

Other functions include background blockchain synchronization and passphrase wallets. The first improves the user experience and the second adds an additional security layer. In-app swaps are powered by the NEAR Intents framework, which leverages cross-chain infrastructure.

Privacy-First Philosophy

Seth for Privacy, Vice President of Cake Wallet, commented on the launch. He noted that Zcash transactions “can be private and straightforward” if done correctly. He explained that Monero remains the center of their operation, but they recognize a different community around Zcash.

He added that many Zcash users do not wish to use Monero for various reasons. As part of their commitment to individual freedom, the team identified a gap in offering the best possible privacy for those users. The goal is for them to have top-tier privacy and easily move funds to other cryptocurrencies.

According to CoinMarketCap data, ZEC trades around $418 and ranks 17th by market capitalization. Monero (XMR) trades near $716, with a 50% rise in the past week, placing it 11th. The Cake Wallet update is now available for mobile and desktop users.