Grayscale Launches $6.3 Million Horizen (ZEN) Investment Trust
Grayscale Investments, a crypto-focused investment fund, revealed today that it has launched a $6.3 million investment product for the popular privacy coin Horizen (ZEN), which recently rebranded from ZenCash.
ANNOUNCEMENT: We are excited to share the launch of Zen Investment Trust!
— Grayscale (@Grayscale) September 6, 2018
According to the announcement, the new Horizen Investment Trust, which is available only to institutional and accredited investors, is the ninth single-asset investment product launched by the firm.
In a statement accompanying the announcement, Michael Sonnenshein, managing director of Grayscale, emphasized his confidence in Horizen team and technology.
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.
Given that Horizen has a relatively small market capitalization, this announcement should be viewed as a big vote of confidence as institutional investors now have direct access to ZEN for the first time. Additionally, the news comes shortly after Horizen began paying out the rewards for its new Super Nodes, which are designed to add two major improvements to the project’s network.
- Tracking and payments will be brought on-chain, making the Horizen protocol more efficient and scalable.
- Sidechains are introduced to expand Horizen’s platform utility, allowing for the integration of third-party technologies.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.