Digital Currency Group’s cryptocurrency management firm Grayscale Investments has launched the Zen Investment Fund and bought $6.3 million’s worth of Zen tokens. Grayscale described it as a “privately offered trust available exclusively to accredited investors”.
Zen, previously known as ZenCash, is the official currency of the blockchain platform Horizon and was launched in May 2017. It uses zk-SNARKs technology and is essentially a privacy crypto coin. Since Zen provides security to its users, it is highly valued in the crypto world.
In the official press release, Grayscale’s managing director Michael Sonnenshein said, “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.”
Rob Viglione, Horizen’s president and co-founder, said that this launch is a giant leap towards the expansion and acceptance of the decentralized platform and its cryptocurrency.
Viglione added, “Grayscale conducts unparalleled research and due diligence on their investment products, striving to offer regulated and professionally managed exposure to the digital currency market for institutional and accredited investors worldwide. Their values align seamlessly with Horizen’s mission to promote the growth of digital currencies, blockchain, and privacy to a diverse and global community.”
Other investment funds provided by Grayscale include Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple, and ZCash Investment Trust.
Grayscale Investments was co-founded in 2013 by Barry Silbert and Rob Viglione. In an interview with Fortune, Viglione said that he hoped organizations would use Horizen for privacy-sensitive processes such as voting and the storing of health records. Zen is currently worth $17.91 and has a market cap of $83 million. A total of 21 million Zen tokens exist, out of which only 4.6 million are in circulation.