Grayscale Launches $6.3 Million Horizen (ZEN) Investment Trust

Voyager
Voyager

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.

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.

As of last week, Grayscale reported a little less than $1.5 billion AUM, with the largest holdings in Bitcoin (BTC) and Ethereum Classic (ETC).

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.

  1. Tracking and payments will be brought on-chain, making the Horizen protocol more efficient and scalable.
  2. Sidechains are introduced to expand Horizen’s platform utility, allowing for the integration of third-party technologies.

ZEN is currently ranked 68th in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, and 7th in the AltDex Privacy Coin Index (ALTPRV).

More: Grayscale Investments Launches Zen Investment Trust
Similar: Privacy Cryptocurrency ZenCash (ZEN) Rebrands to Horizen

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.

 
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