Grayscale Makes Huge Bet By Acquiring Zen Cryptocurrency Worth $6.3 million
Grayscale Investments has announced the launch of a new fund for a platform called Horizen which supports a cryptocurrency known as Zen in which the company has invested $6.3 million.
Grayscale is the company that was responsible for the Bitcoin Investment Fund and therefore its impact on the cryptocurrency market is recognized. Some major corporations own digital currencies through Grayscale and the investment in Zen is particularly notable because Horizen has a particular focus on Privacy. Also, the size of the investment in the cryptocurrency is quite significant at
The new investment trust will be centered on the Zen privacy token which was previously known as Zencash. The fund will only focus on this particular cryptocurrency meaning it will be a single asset vehicle and this means that it will join a growing list of single asset investment trusts launched by Grayscale. Some of the other assets that have enjoyed this status include Ethereum (ETH), Bitcoin Cash (BCH), Bitcoin (BTC), Ripple (XRP), Litecoin (LTC), Zcash (ZEC), andEthereum Classic (ETC).
A press release revealed that the new trust is already available to accredited and institutional investors. Rob Viglion, the president and co-founder of the Zen Investment Truststated that the launch of the trust marks a key milestone for Horizen’s platform.
Viglion also pointed out that Grayscale’s values align with Horizen’s mission which is to support and promote the growth of cryptocurrencies as well as blockchain technology. The announcement about the trust and the investment comes just a few months after Digital Currency Group (DCC), the parent company of Grayscale announced its interest in Zen.
Barry Silbert, the CEO, and founder of DCG revealed that they had shifted their focus towards privacy-centric coins on the expectation that financial privacy will be a necessity in the future. This is expected to happen in major markets such as the U.S and also in emerging markets. Grayscale managed to raise roughly $250 million through its investments trusts within the first half of this year. Although most of its offerings target institutional investors, some of the investment trusts including those of Ethereum Classic and Bitcoin also target individual investors.