The post Zcash Treasury Company Launches With Winklevoss Backing appeared com. In brief Biotech company Leap Therapeutics purchased 203, 775. 27 ZEC tokens at an average price of $245, one of the largest corporate bets on privacy-focused crypto. The firm has rebranded to Cypherpunk Technologies Inc. as part of its pivot to a digital asset treasury strategy, completing a $58. 88 million private placement led entirely by VC firm Winklevoss Capital. Leap Theraputics’ digital asset holdings will complement its biotech business, according to a press release. Nasdaq-listed Leap Therapeutics has rebranded to Cypherpunk Technologies Inc. as it pursues a digital asset strategy by accumulating ZEC, the native token of privacy coin Zcash. The Cambridge-based biotechnology firm announced Wednesday it will deploy capital to initiate a digital asset strategy after securing a $58. 88 million private placement led by Winklevoss Capital, the venture capital firm founded by Gemini founders Cameron and Tyler Winklevoss, according to a press release shared with Decrypt. The company has already purchased 203, 775. 27 ZEC at an average price of $245 per token using $50 million of the proceeds, and will begin trading under the new ticker symbol CYPH on Thursday. Cypherpunk Technologies joins a growing list of public companies using crypto as a balance-sheet strategy, following Strategy’s Bitcoin playbook and similar treasury experiments across the corporate world. Cypherpunk’s pivot focuses on Zcash, the largest privacy-focused crypto, which uses zero-knowledge proofs to verify transactions without revealing wallet addresses or amounts, unlike Bitcoin’s fully transparent ledger. Zcash surged nearly tenfold in two months, peaking near $735 on Friday and triggering $51 million in short liquidations, before easing to about $464 early Wednesday, according to CoinGecko data, still 85% below its 2016 high of $3,191. Douglas E. Onsi, President and Chief Executive Officer of Cypherpunk Technologies, said the company’s digital-asset holdings will complement its biotech business while “creating long-term shareholder value through active participation in. Continue reading Zcash Treasury Company Launches With Winklevoss Backing→