Grayscale pledges $1 million to Zcash as token and fund fall
Grayscale pledged $1 million for a Zcash advertising campaign as the token and its ETF fell 12%. It also pledged all of its Zcash ETF sponsor fees to Zcash initiatives for one year.
Grayscale has pledged $1 million to support Zcash, a privacy-focused cryptocurrency, through an advertising campaign. The pledge came as Zcash, which trades under the code ZEC, and Grayscale's Zcash exchange-traded fund both fell 12%.
Grayscale also said all sponsor fees from its Zcash ETF will go to Zcash initiatives for the first year. An exchange-traded fund, or ETF, is a fund that trades on a stock exchange like a share, and sponsor fees are the charges the fund company takes from the fund.
On the same day, Zcash fell below $1,100, a daily loss of 10.5%. The material available does not give further details on the campaign, the timing of the drop or any response from other market participants.
Background
Zcash is described as a privacy coin, a cryptocurrency built to make transactions harder to trace. Grayscale runs a Zcash ETF, which gives investors exposure to the token through a fund.
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