Grayscale, one of the largest digital asset management firms, announced the launch of an investment fund based on Zcash (ZEC), a cryptocurrency with privacy fundamentals.
The Grayscale Zcash Trust allows accredited investors to gain direct exposure to the asset's price movements, without having to purchase, store, and safeguard ZEC directly.
The firm indicated that the instrument is available to eligible investors through a private placement. The trust manages over $46 million in assets, with a net asset value (NAV) per share of $9.70 as of the close of trading on Wednesday, October 1.
Grayscale highlighted the fact that ZEC employs zero-knowledge proofs (zk-SNARKs) , a technology that encrypts transaction information and validates its authenticity without exposing sensitive data such as amounts or addresses, providing privacy to users.
Following the news, the price of ZEC surged. In the last seven days, the price went from $56.60 to $133.67, representing a 136.9% increase.
ZEC price over the past 7 days. Source: CoinMarketCap.
The other reason that explains the asset's great performance is the launch of Zashi CrossPay, an update that allows sending ZEC and more than 100 digital assets compatible with NEAR Protocol, without going through exchanges or external applications.
The ZEC community is beginning to see positive signs after overcoming obstacles, such as the risk of being delisted from Binance, which dissipated with the removal of the monitoring label and marked a turning point that restored confidence to users and developers.
