DeutschThe first Zcash Treasury is launching under the name Cypherpunk Technologies. With the Winklevoss brothers, two well-known founders of the crypto industry are behind the project. The new DAT is intended to promote encryption in the field of digital payment systems. Pure hypocrisy, criticizes former Monero developer Riccardo Spagni. Apparently, the monetization of a current trend is still successful.
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Zcash Treasury Cypherpunk Launches with Winklevoss Investment
Last week, Cypherpunk Technologies (CYPH), the first Zcash Treasury company ever, was launched, according to e. The operators are thus taking advantage of a currently strong trend on the crypto market, which has caused immense growth among many privacy coins – especially from Zcash (ZEC).
CoinPro had already reported on ZEC’s continued price gains at the beginning of November. The cryptocurrency had managed to overtake its eternal rival Monero (XMR) in terms of market capitalization.
In September, Zcash suddenly started an unexpected price rally. At that time, the privacy coin was still trading at around 55 US dollars. At the time of going to press, the market values the cryptocurrency at 683 US dollars – a price increase of 1,141 percent in two months.
Cypherpunk Technologies wants to monetize this trend and therefore established itself on November 12 as a so-called Digital Asset Treasury (DAT for short), which acquires and invests ZEC as a listed company.
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Investors who speculate on the stock exchange can thus indirectly invest in Zcash – via shares in the company, which can be found on the NASDAQ under the ticker CYPH. This concept is particularly popular among institutional investors. These prefer to rely on regulated exchanges rather than native crypto investments.
Cypherpunk Technologies was previously known as Leap Therapeutics (LPTX) and developed methods for treating cancer. Khing Oei and Will McEvoy have already been appointed as two new CEOs. According to the press release, the previous chairman Christopher Mirabelli is leaving his post. Apparently, this is a takeover of Leap.
The Winklevoss brothers Tyler and Cameron are, according to their own statements, co-founders of the DAT. Through their company Winklevoss Capital, they invested 58.88 million US dollars as start-up capital to get the Zcash reserve rolling.
Is Cypherpunk Tech a Hypocritical Undertaking?
On X, the Winklevoss twins present Cypherpunk Tech as an important supporter of decentralization and confidentiality on the blockchain.
“Privacy is the prerequisite for many of our freedoms. It is the point at which the power of governments and corporations ends and our individual freedoms and self-determination begin,” Tyler Winklevoss explained the founding of Cypherpunk.
The new DAT is intended to invest in technologies that enable confidential payments. It should also make its own technological contributions.
“Zcash is entering the zeitgeist of Silicon Valley,” the DAT comments on current events.
Tyler and Cameron already promoted their company on the technology channel TBPN as well as in a speech during the Bitcoin Amsterdam conference.
On X, Cameron Winklevoss linked the Cypherpunk Manifesto by Eric Hughes. According to their own statement, Cypherpunk Technologies is committed to the values set out therein. The former Monero chief developer Riccardo Spagni reacted to this message with criticism.
“It’s embarrassing to quote this and then say that you have founded a centralized DAT based on these principles,” Spagni wrote, to which Winklevoss responded with “Cry louder.”
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Spagni implies that Winklevoss lacks the necessary expertise to promote the encryption of the blockchain and confidential cryptocurrencies. A centralized company like Cypherpunk Technologies, which hoards Zcash in large quantities, contradicts the ideals of Cypherpunk.
The CYPH share has risen from 44 cents to 2.75 US dollars since its re-establishment – a growth of 525 percent.
Did you know? Ethereum is also now focusing on encryption.
