Winklevoss Twins Back Zcash (ZEC) Treasury Company With $58M Investment

Following the latest comeback of privacy-focused cryptocurrencies, Cypherpunk Technologies has launched a $50 million Zcash (ZEC) treasury technique backed by Winklevoss Capital.

Cypherpunk Technologies Launches Zcash DAT

On Wednesday, Leap Therapeutics announced the official launch of its Zcash Digital Asset Treasury (DAT) technique and rebrand to Cypherpunk Technologies. The biotech firm beforehand revealed that it had closed a $58.88 million personal placement in October, led by Winklevoss Capital, as a part of its plan to develop to the digital belongings sector.

The firm at present holds 1.25% of the present ZEC provide after buying 203,775 ZEC at an mixture buy worth of roughly $50 million, or $245.37 per token. Cypherpunk Technologies will reportedly proceed to build up Zcash to personal not less than 5% of the entire ZEC provide.

The Company believes that privacy-protecting belongings and associated applied sciences might be crucial in an more and more digital world. The Company intends to amass and maintain ZEC, the native coin of Zcash, as its main digital asset and to be an lively participant within the Zcash group.

Douglas E. Onsi, President and CEO of Cypherpunk Technologies, asserted that “This previous month has been transformative for the Company, marked by closing a $58.88 million personal placement led by Winklevoss Capital and efficiently deploying $50 million to construct a digital asset treasury designed to create long-term shareholder worth centered on lively participation within the growth of Zcash and buying ZEC.”

Per the announcement, the corporate will start trading on Nasdaq underneath the brand new CYPH ticker on Thursday, November 13. Meanwhile, its ongoing most cancers analysis and growth operations will proceed underneath a subsidiary that can take the Leap Therapeutics title.

Winklevoss Twins Back ‘Encrypted Bitcoin’

In an X put up, Gemini’s co-founder, Tyler Winklevoss, defined the explanations behind Winklevoss Capital’s funding in Cypherpunk Technologies, emphasizing the significance of supporting privacy and self-sovereignty within the on-line period.

“Privacy is the precondition for a lot of of our freedoms. It’s the purpose at which authorities and company attain finish and our particular person freedoms and self-sovereignty start. As our lives have moved on-line, privateness’s change into a uncommon, vanishing commodity,” the put up reads.

Winklevoss highlighted Zcash’s “extremely symbiotic relationship” with Bitcoin since its launch 9 years in the past, affirming that, “If bitcoin is digital gold, Zcash is encrypted bitcoin, or digital money.”

One is your retailer of worth, the opposite is the way you privately transfer your worth. We’ve been monitoring this symbiosis for years and consider that now — as we enter the age of AI — is the precise time to start accumulating ZEC.

Gemini’s co-founder additionally argued that Zcash may seize “a significant proportion” of BTC’s market capitalization, which he has predicted will surge to $1 million per BTC over the following 5-10years. Therefore, he believes that “Zcash will admire considerably from right here as effectively.”

It’s value noting that Zcash has recorded a parabolic rally since September, surging 1,775% to its all-time high (ATH) of $750 final Friday. Since then, the cryptocurrency has adopted the market’s correction, dropping over 40% to the $420 space earlier than recovering.

As of this writing, Zcash is buying and selling at $507, a 15% improve within the every day timeframe.