Crypto Investment Trust For Zen Cryptocurrency Launched By Grayscalebr>
Asset manager Grayscale Investments has created a new investment trust for privacy-focused cryptocurrency Zen.
Grayscale Investments, a wholly-owned subsidiary of Digital Currency Group, is best known for its Bitcoin Investment Trust (GBTC), which provides titled, auditable bitcoin exposure through a traditional investment vehicle. It also manages Digital Large Cap Fund, a diversified investment product that provides exposure to the top digital currencies by market cap.
The Zen Investment Trust, the eighth single-asset investment product introduced by Grayscale, came through buying $6.3 million worth of Zen tokens. The trust enables investors to gain exposure to the price movement of Zen without the challenges of buying, storing, and safekeeping the cryptocurrency.
Zen, formerly known as ZenCash, is a privacy coin for decentralized and borderless transactions and communications. It is the native cryptocurrency of the Horizen network, a platform that provides everyone with privacy and complete control of their digital footprint. The platform enables real-life uses beyond the Zen cryptocurrency, including the ability to privately chat with others and eventually to enable users to publish information and go anywhere on the web, with complete privacy.
Rob Viglione, President and Co-Founder of Horizen, said that the launch of a Zen Investment Trust on Grayscale’s platform marks a significant milestone in the continued global expansion of the Horizen platform and the services they offer.
“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,” Viglione said. “Their values align seamlessly with Horizen’s mission to promote the growth of digital currencies, blockchain, and privacy to a diverse and global community.”
Michael Sonnenshein, Managing Director of Grayscale, said that they bet on Horizen because they believe it has superior technology and a strong team.
“We’ve been very impressed with the Horizen team and its vision for ZEN as a leading privacy coin,” said Sonnenshein. “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.”