Shares of Leap Therapies (Nasdaq: LPTX) rose more than 170% in early trading on Wednesday after the business revealed a shift to a crypto treasury technique.
The business revealed its rebranding as Cypherpunk Technologies (Nasdaq: CYPH) and adoption of a digital property treasury technique concentrated on Zcash (ZEC), the native token of the Zcash procedure.
The biotech business utilized $50 million from a $58.88 million personal positioning led by Winklevoss Capital to acquire 203,775 Zcash (ZEC) at a typical rate of $245.37 per token, marking a relocation far from biotechnology and into the crypto sector.
Winklevoss Capital is an equity capital company established by Cameron and Tyler Winklevoss, who likewise co-founded the cryptocurrency exchange Gemini.
” As our lives have actually moved online, personal privacy’s ended up being an uncommon, disappearing product … That’s why we established Cypherpunk– a business devoted to personal privacy and self-sovereignty,” Tyler Winklevoss, among the creators of crypto exchange Gemini, composed on X.
Introduced in 2016 as a Bitcoin fork, Zcash (ZEC) is a privacy-focused blockchain that utilizes zero-knowledge evidence (zk-SNARKs) to validate deals without exposing sender, receiver, or quantity.
Related: Why Zcash and personal privacy tokens are back in the discussion
Cypherpunk’s brand-new company technique features 2 additions to its board of directors. Khing Oei, the CEO of a European Bitcoin treasury business, will function as chairman of the board. Will McEvoy, principal at Winklevoss Capital, will function as Cypherpunk’s primary financial investment officer.
The increase of Zcash
ZEC has actually been on a trip this year. The token staged a sharp rebound, leaping from about $48 in early September to over $640 within weeks and recovering an area amongst the leading 20 cryptocurrencies.
BitMEX co-founder Arthur Hayes just recently anticipated ZEC’s rate might reach $1,000 in 2025. Nevertheless, current technical signs recommend a cost correction might be in shop.
According to market experts, the token is now the most overbought on record, with its relative strength index (RSI) reaching 94.24 today.
Historically, when ZEC’s relative strength index (RSI) climbs up above 70, the token frequently extends its rally for weeks before going through high corrections that have actually varied from approximately 45% to more than 90%.
On Wednesdays, Hayes informed Zcash holders to move their tokens off central exchanges and into self-custody, informing users on X to “protect” their possessions for personal deals.
His remarks came in the middle of heavy volatility, with ZEC increasing to $723 over the weekend before moving 37% to around $450 by Wednesday.
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Source: Coin Telegraph.
