Grayscale investments, a crypto asset manager, has launched an investment trust for a privacy-focused coin – Zen.
Grayscale invested into Zen by purchasing Zen tokens worth 6.3 million U.S dollars. The “Zen Investment Trust is mandated to hold a single currency and sell shares in the trust to investors,” reported Fortune.
According to Rob Viglione, Grayscale cofounder, his main interest in Horizen (Zen) is its privacy features for ‘services such as messaging and media sharing.’ He continued to note that he “hopes privacy-conscious organizations will use Horizen for sensitive activities like voting and storing health records.”
With Zen able to process transactions off the main blockchain and later recording them on the main chain, the Horizen platform is able to accommodate large transactions thereby solving scaling problems faced by other blockchain projects like bitcoin.
Zen’s present and future status looks very bright seeing that Grayscale Investments has dealt with other coins in the past establishing trusts like Bitcoin Investment Trust among others which rank higher on the market adoption table.
“Grayscale bet on Horizen because the firm believes it has superior technology and a strong team. Companies using blockchain will pay a premium for privacy-based applications, including file storage,” said Michael Sonnenshein, Grayscale’s managing director.
Due to regulatory issues, Grayscale indicated that shares in the privacy-focused coin investment trust will initially be available to ‘accredited investors’ but will later be rolled out to the general public.
Currently, Zen has a market capitalization of $204.3 billion and is trading at $17.55 and 0.00273 against BTC according to data provided by coinmarketcap. It occupies position 73 on the list of popular virtual currencies.
Since Grayscale Investments has launched an investment trust for a privacy-focused coin, do you think the investment will help boost Zen both in price and ranking on the top 100 list?
Let us know your thoughts in the comments section below.