Cryptocurrency Zen Receives Millions of Dollars’ Worth of Backing from Grayscale

Grayscale the digital currency investing firm is investing $6.3 million in a lesser known cryptocurrency ZEN. The company has created a new fund which is dedicated towards Horizen. Horizen is a lesser-known platform which hosts the cryptocurrency ZEN. The news came mere months after Grayscale Investments put the cryptocurrency ZEN on its conviction list of potentially high impact cryptocurrencies.

Grayscale Investment is managing Bitcoin Investment Trust (BIT) and providing titled and auditable bitcoin exposure through a traditional investment vehicle without dealing with challenges of buying, storing, and safekeeping of Bitcoins. Bitcoin Investment Trust trades under the symbol GBTC on QTCQX market. The trust is only available to accredited investors.

Grayscale Investment is the subsidiary of Digital Currency Group. Other than Horizen, Grayscale runs seven other funds. Several large institutions are reliant on Grayscale’s funds for cryptocurrency trading.

Know more about Horizen and ZEN

Horizen is a privacy-focused cryptocurrency platform which is using Zero Knowledge Proofs technology. These proofs let the users known that the transaction has been taken place without revealing the additional information.

ZenCash was founded in 2017 and in June this year, it became the victim of 51% attack. In the attack, hackers took control of the majority of network nodes. This enables the hackers to falsify transactions and steal ZEN.

According to the co-founder of Horizen after the hack, the team has updated the security of the network to prevent attacks from occurring in the future. Because of the attack, a negative image of ZenCash is created and here comes the need for rebranding. Horizen came into the picture when the ZEN team started rebranding. In short, Horizen is an improved version of ZenCash with improved privacy and security features. Horizon is the general name of the project and ZEN is the cryptocurrency which is used in the project.

Grayscale has invested in the fund Horizen through the purchase of $6.3 million Zen tokens. According to Michael Sonnenshein, the main reason behind the investment in Horizon is its superior technology and strong team. Privacy feature of Horizen is an added advantage.

Kapil Gauhar

Kapil Gauhar is the founder of Blogger’s Gyan. He is a Passionate Blogger, a Big Thinker and a Creative Writer. His passion for doing friendship with words and letting people know about the wonders of the Digital World is what motivates him to take writing as a career.