Bitcoin & Crypto & NFT News
Grayscale Investments has invested in ZenCash, a little-known, privacy-focused cryptocurrency.
Speaking at the Stocktoberfest East conference in New York City, Grayscale founder Barry Silbert – who also founded Grayscale’s parent company, Digital Currency Group – asked audience members to raise their hands if they owned offshore bank accounts.
“There is approximately 10 percent of the world’s wealth held in offshore bank accounts,” he said after some of the audience members raised their hands, adding:
“I believe that financial privacy is going to become a really, really important thing not just in emerging markets, but in the U.S. as well.”
For this reason, Silbert said, privacy coins were one of Grayscale’s primary focuses. That category includes zcash, a prominent privacy coin that Grayscale has previously revealed a stake in, as well the lesser-known ZenCash, which is a fork of a fork – via ZClassic – of zcash.
“I love the team,” Silbert said of ZenCash Wednesday, “I love the vision, and the community that we’ve gotten to know is incredibly passionate.”
He explained that the privacy coin is “broader” than its grandparent zcash, referring to its support for messaging and media applications.
Silbert said that ZenCash formed part of Grayscale’s “conviction list,” meaning that the firm has “meaningful dollars in a token.”
Despite his enthusiasm for certain digital assets, however, Silbert made it clear that the space as a whole is rife with soon-to-be flops.
“Most of the tokens are going to zero,” he said.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group.
Lotus image via Shutterstock.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.