Following the recent comeback of privacy-focused cryptocurrencies, Cypherpunk Technologies has launched a $50 million Zcash (ZEC) treasury strategy backed by Winklevoss Capital.
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Cypherpunk Technologies Launches Zcash DAT
On Wednesday, Leap Therapeutics announced the official launch of its Zcash Digital Asset Treasury (DAT) strategy and rebrand to Cypherpunk Technologies. The biotech company previously revealed that it had closed a $58.88 million private placement in October, led by Winklevoss Capital, as part of its plan to expand to the digital assets sector.
The company currently holds 1.25% of the current ZEC supply after acquiring 203,775 ZEC at an aggregate purchase price of approximately $50 million, or $245.37 per token. Cypherpunk Technologies will reportedly continue to accumulate Zcash to own at least 5% of the total ZEC supply.
The Company believes that privacy-protecting assets and related technologies will be critical in an increasingly digital world. The Company intends to acquire and hold ZEC, the native coin of Zcash, as its primary digital asset and to be an active participant in the Zcash community.
Douglas E. Onsi, President and CEO of Cypherpunk Technologies, asserted that โThis past month has been transformative for the Company, marked by closing a $58.88 million private placement led by Winklevoss Capital and successfully deploying $50 million to build a digital asset treasury designed to create long-term shareholder value focused on active participation in the development of Zcash and acquiring ZEC.โ
Per the announcement, the company will begin trading on Nasdaq under the new CYPH ticker on Thursday, November 13. Meanwhile, its ongoing cancer research and development operations will continue under a subsidiary that will take the Leap Therapeutics name.
Winklevoss Twins Back โEncrypted Bitcoinโ
In an X post, Geminiโs co-founder, Tyler Winklevoss, explained the reasons behind Winklevoss Capitalโs investment in Cypherpunk Technologies, emphasizing the importance of supporting privacy and self-sovereignty in the online era.
โPrivacy is the precondition for many of our freedoms. Itโs the point at which government and corporate reach end and our individual freedoms and self-sovereignty begin. As our lives have moved online, privacyโs become a rare, vanishing commodity,โ the post reads.
Winklevoss highlighted Zcashโs โhighly symbiotic relationshipโ with Bitcoin since its launch nine years ago, affirming that, โIf bitcoin is digital gold, Zcash is encrypted bitcoin, or digital cash.โ
One is your store of value, the other is how you privately move your value. Weโve been tracking this symbiosis for years and believe that now โ as we enter the age of AI โ is the right time to begin accumulating ZEC.
Geminiโs co-founder also argued that Zcash could capture โa meaningful percentageโ of BTCโs market capitalization, which he has predicted will surge to $1 million per BTC over the next 5-10years. Therefore, he believes that โZcash will appreciate significantly from here as well.โ
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Itโs worth noting that Zcash has recorded a parabolic rally since September, surging 1,775% to its all-time high (ATH) of $750 last Friday. Since then, the cryptocurrency has followed the marketโs correction, dropping over 40% to the $420 area before recovering.
As of this writing, Zcash is trading at $507, a 15% increase in the daily timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
