Winklevoss-backed Cypherpunk targets 5% of Zcash supply with $58 million treasury seed
Cypherpunk Technologies, backed by a $58.9 million Winklevoss investment, aims to acquire 5% of Zcash's total supply.Summary
Gemini co-founder Tyler Winklevoss has launched Cypherpunk Technologies, formerly Leap Therapeutics, backed by a $58.9 million investment from Winklevoss Capital, with the goal of acquiring and holding a significant portion of the privacy-focused cryptocurrency Zcash (ZEC).
Cypherpunk has already purchased 203,775 ZEC for about $50 million, aiming to hold at least 5% of Zcash's total fixed supply of 21 million coins. Winklevoss emphasized the importance of privacy for individual freedoms, comparing Zcash to "digital cash" that complements Bitcoin's role as "digital gold."
The company, which will trade on the Nasdaq under the ticker CYPH, has appointed new leadership and believes privacy assets are critical. The pivot follows a recent sharp rally in ZEC's price.
(Source：The Block)