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Grayscale Launches Investment Trust for Zen Cryptocurrency
Grayscale Investments announced Thursday morning that the new Zen Investment Trust is now open to accredited or institutional investors.
By Nikhilesh De
Updated Sep 13, 2021, 8:21 a.m. Published Sep 6, 2018, 1:30 p.m.
Cryptocurrency asset manager Grayscale Investments has officially launched the ZEN Investment Trust for accredited investors, the company announced Thursday.
Centered around the privacy token zen (formerly known as zencash), the investment trust is a single-asset vehicle, meaning it only contains the one cryptocurrency. It is the latest single-asset investment trust launched by Grayscale, joining bitcoin, bitcoin cash, ethereum, ethereum classic, litecoin, XRP and zcash.
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The trust is already open to institutional and accredited investors, according to a press release.
The trust "marks a significant milestone" for the Horizen platform, which develops and maintains the cryptocurrency, co-founder and president Rob Viglione said in a statement.
He added:
"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."
The news comes some months after Grayscale's parent company, Digital Currency Group, announced it was also adding zen to its "conviction list" of cryptocurrencies.
DCG founder and CEO Barry Silbert said at the time that the asset manager was focusing on privacy coins as he believed "financial privacy is going to become a really, really important thing not just in emerging markets, but in the U.S. as well."
Grayscale has raised roughly $250 million for its investment trusts in the first six months of 2018, Thursday's press release noted.
While most of its products are limited to institutional or accredited investors, Grayscale's bitcoin and ethereum classic investment trusts are open to individual investors as well.
Coins image via Shutterstock
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