Nasdaq-listed Leap Therapeutics has changed its name to Cypherpunk Technologies Inc. as it adopts a new digital asset accumulation strategy, focusing on anonymous cryptocurrency. Zcash (ZEC).
To that end, the Cambridge-based biotech announced it would raise $58,88 million in capital led by Winklevoss Capital, a venture capital firm founded by the founders of Gemini Cameron and Tyler Winklevoss.
The company has already acquired 203,775 ZEC at an average price of $245 per coin, spending $50 million. In doing so, it is betting on a zero-knowledge cryptocurrency that confirms transactions without revealing wallet addresses or amounts.
In two months Zcash increased in price almost tenfold, reaching a peak of $735. Subsequently, according to CoinGecko, the cryptocurrency’s price corrected downwards to $466. This figure is 85% lower than the 2016 high of $3191.
ZEC price change over 7 days. Data from CoinGecko
Galaxy Digital analyst Will Owens believes that Zcash is gaining popularity as an alternative to Bitcoin due to growing concerns about on-chain surveillance.
Supporters Zcash They call it «encrypted Bitcoin,» a return to the principles of the cypherpunks, which resonate in the face of ubiquitous on-chain surveillance, the expert said.