Grayscale Announces Major Investment in ZEN Cryptocurrency

3 min read

Grayscale announced that it will be investing $6.3 million in the ZEN cryptocurrency. The investment will be through a new fund whose entire focus is on Horizen, a platform that hosts the coin in question.

Grayscale Investments is known in the crypto industry for its previous venture called Bitcoin Investment Trust (GBTC), which lets retail investors interact with Bitcoin by using their traditional brokerage accounts instead of a cryptocurrency exchange.

ZenCash was initially founded as ZenCash, but after it experienced an attack in June, in which 51% of the network’s nodes were taken over by hackers, the company rebranded to Horizen.

Rob Viglione, the co-founder of Horizen, claimed that his team quickly isolated the problem and has since enhanced network security to avoid such attacks from happening in the future. The attack was most likely the reason behind the rebranding move.

Grayscale will now be putting $6.3 million in the Horizen project, which shows that the investment group is confident in the updates made to the network’s security and that they have a product solid enough to compete with similar cryptocurrencies on the market.

Regarding the multi-million-dollar investment, Michael Sonnenshein, the managing director of Grayscale stated the following:

“We’ve been very impressed with the Horizen team and its vision for ZEN as a leading privacy coin. Grayscale is at the forefront of asset management in this emerging industry, and we will continue to offer our clients access to the most interesting blockchain projects in the world.”

Horizen’s co-founder and president also made a statement about Grayscale’s investment:

“The launch of the ZEN Investment Trust on Grayscale’s platform marks a significant milestone in the continued global expansion of the Horizen platform and the services we offer. Grayscale conducts unparalleled research and due diligence on their investment products, striving to offer regulated and professionally managed exposure to the digital currency market for institutional and accredited investors worldwide.”

At the time of writing, Horizen (ZEN) was trading at $17.41 USD according to data provided by CoinMarketCap.

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