💸 Grayscale makes $6.3 million bet on cryptocurrency Zen
Grayscale Investments, the company behind the Bitcoin Investment Trust, is creating a new fund focusing on Horizen ($ZEN), formerly known as ZenCash. The investment is notable because some large institutions rely on Grayscale’s funds to own cryptocurrency, and because of the privacy focus of Horizen. Grayscale’s investment came through buying $6.3 million worth of ZenCash tokens. Like seven other funds run by Grayscale, a subsidiary of the crypto conglomerate Digital Currency Group, the Zen Investment Trust is mandated to hold a single currency, and sells shares in the trust to investors.
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