Nasdaq-listed digital asset treasury company backed by Winklevoss Capital, Cypherpunk Technologies, has expanded its crypto corporate treasury with a purchase of Zcash tokens for about $29 million.
According to Tuesday’s announcement, the company bought 56,418 Zcash paying an average price of $514 per token. The purchase brings Cypherpunk’s total holdings to 290,062.67 ZEC, or about 1.76% of the token’s circulating supply.
Zcash, launched in 2016 as a Bitcoin fork, is a privacy-focused blockchain that uses zero-knowledge proofs to verify transactions without revealing the sender, recipient or transaction amount. Like Bitcoin, its native token has a 21 million cap.
According to Cypherpunk’s chief investment officer, Will McEvoy, the company aims to accumulate 5% of the total ZEC supply and it is “well positioned for a market that is repricing the societal importance of privacy.”
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