Cypherpunk Shifts Focus to Zcash Treasury with Winklevoss Capital Support

TLDR

• Cypherpunk Technologies has rebranded from Leap Therapeutics to focus on digital assets.
• The company launched a Zcash Treasury backed by a $58.88 million private placement.
• Winklevoss Capital led the funding round to support Cypherpunk’s new strategy.
• Cypherpunk acquired 203,775.27 ZEC at an average price of $245 per token.
• The company appointed Khing Oei as Chairman and Will McEvoy as Chief Investment Officer.

Leap Therapeutics, a Cambridge-based biotechnology company, has rebranded to Cypherpunk Technologies Inc. The rebrand marks its shift towards digital assets, with a focus on Zcash, the privacy-centric cryptocurrency. The company will now pursue a digital asset strategy following a $58.88 million private placement, led by Winklevoss Capital.

Cypherpunk Rebrands and Focuses on Zcash

Cypherpunk Technologies has already made a notable investment in Zcash. Using $50 million of the funds raised, the company acquired 203,775.27 ZEC at an average price of $245 per token. This move signifies the company’s commitment to building a Zcash Treasury, capitalizing on the privacy coin’s potential as an asset.

The company’s pivot towards digital assets aligns with a growing trend among public companies to use crypto for treasury management. Cypherpunk’s new focus on Zcash follows a similar strategy employed by other firms, like Strategy, which has added Bitcoin to its balance sheet. By focusing on Zcash, Cypherpunk aims to create long-term value through active participation in the crypto market.

Along with the rebrand, Cypherpunk Technologies appointed a new leadership team. Khing Oei, founder and CEO of Treasury, was named Chairman of the company. Will McEvoy, a Principal at Winklevoss Capital, was appointed as Cypherpunk’s first-ever Chief Investment Officer.

Oei’s experience in the Bitcoin treasury space will guide the company’s digital asset strategy. McEvoy’s appointment further strengthens Cypherpunk’s ties to Winklevoss Capital, ensuring expertise in managing the new Zcash Treasury. The leadership shake-up aims to streamline Cypherpunk’s transition into the digital asset space, particularly with Zcash.

Zcash has been gaining attention as an alternative to Bitcoin, particularly due to its privacy features. The coin employs zero-knowledge proofs, allowing transactions to be verified without revealing wallet addresses or amounts. This privacy feature is seen as a key advantage in a market concerned with on-chain surveillance.

Zcash’s value has surged recently, peaking near $735 in late October before stabilizing around $464. Despite its current price being down from its all-time high of $3,191, Zcash continues to draw interest from privacy advocates. The Zcash Treasury strategy aims to capitalize on these growing concerns and the coin’s increasing role in the broader crypto ecosystem.

Winklevoss Capital Leads Cypherpunk’s Zcash Treasury

Winklevoss Capital’s leadership in Cypherpunk’s $58.88 million funding round highlights its commitment to supporting privacy-focused cryptocurrencies. The venture capital firm, founded by the Winklevoss twins, is backing the company’s strategy to create a Zcash Treasury. The firm’s involvement adds credibility to Cypherpunk’s shift toward crypto.

Will McEvoy of Winklevoss Capital emphasized that Cypherpunk’s approach focuses on long-term, value-aligned investors. This is in contrast to other crypto treasuries that faltered under short-term investment pressures. Cypherpunk’s focus on Zcash aims to build a stable and strategic treasury that supports the company’s broader vision.

As Zcash grows in prominence, it increasingly competes with Bitcoin in the privacy coin market. Advocates frame Zcash as an encrypted version of Bitcoin, highlighting its privacy features as a key selling point. With growing concerns over surveillance on blockchain transactions, Zcash presents an appealing option for those seeking more secure, private alternatives.

Cypherpunk Technologies’ strategic focus on Zcash is part of a broader trend where companies look to integrate privacy coins into their financial strategies. The development of a Zcash Treasury allows Cypherpunk to participate in this growing space, capitalizing on the coin’s privacy advantages. As the demand for privacy-focused cryptocurrencies rises, Cypherpunk’s decision to focus on Zcash positions the company well in this emerging market.

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