Zcash Treasury Company Launches With Winklevoss Backing
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