Horizen ZEN prices bump up on news of Grayscale investment trust
Small cap coin prices can still respond readily to optimistic news.
The cryptocurrency formerly known as ZenCash, fresh off its recent rebrand to Horizen, has seen a pronounced bump on news of a Grayscale ZEN investment fund. This fund is specifically intended to give accredited investors and institutional traders access to the coin. This might be interpreted as a vote of confidence in the project and its ambitious new goals from Grayscale, a sign of big money interest in Horizen as a platform, and significantly more cold hard cash flowing from fiat to ZEN.
How much money?
Throughout 2018 so far, Grayscale has been taking in an average of $9.55 million per week from big investors, spread across eight different coins and investment funds, although the bulk goes to bitcoin. The influx varies widely from week to week and coin to coin.
In the case of ZEN, a few periodic nibbles from Grayscale customers are probably more than enough to make a difference to overall volume. It's currently tracking at a 24-hour volume of only US$2.6 million, and that's high by typical ZEN standards. Or previous ZEN standards at least. These kinds of moves and the continuing development of the platform might well see it grow.
"We've been very impressed with the Horizen team and its vision for ZEN as a leading privacy coin," said Michael Sonnenshein, Grayscale managing director. "Grayscale is at the forefront of asset management in this emerging industry, and we will continue to offer our clients access to the most interesting blockchain projects in the world."
"The launch of a ZEN Investment Trust on Grayscale's platform marks a significant milestone in the continued global expansion of the Horizen platform and the services we offer," said Rob Viglione, President and Co-Founder, Horizen. "Grayscale conducts unparalleled research and due diligence on their investment products, striving to offer regulated and professionally managed exposure to the digital currency market for institutional and accredited investors worldwide. Their values align seamlessly with Horizen’s mission to promote the growth of digital currencies, blockchain, and privacy to a diverse and global community."
Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VET, XLM, BTC, ADA
- Ethereum price crumbles as dApps flee for cheaper platforms
- Bitcoin volatility at 6-month high as price direction looks uncertain
- Bitcoin price viciously dips to US$51,000 after hitting $1 trillion market cap
- Bitcoin crashes below $50,000 after more cryptic Elon Musk tweets
- Ethereum price crashes 15% overnight as cryptocurrency market drops