Tyler Winklevoss launches Cypherpunk Technologies with $58.9M Zcash treasury, aiming for 5% of ZEC supply to champion privacy.
Gemini co-founder Tyler Winklevoss unveiled Cypherpunk Technologies on Wednesday. This new venture is a rebrand of Leap Therapeutics. It has the support of a $58.9 million investment from Winklevoss Capital. The primary objective is to obtain and possess Zcash (ZEC), a privacy-oriented cryptocurrency.
Cypherpunk’s Mission to Champion Digital Privacy and Zcash Acquisition Strategy
Cypherpunk has already made large purchases. The company acquired 203,775 ZEC tokens. These were purchased on average at about $245 a coin. This represents about $50 million total in investments. The company also intends to raise its holdings to a minimum of 5% of the total supply of Zcash.
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Winklevoss is a strong believer that privacy is fundamental to many freedoms. He said that it is the limit at which the government and corporate reach ends. It is where individual freedoms and self-sovereignty start. He notes that with lives going online, privacy is becoming a rare commodity. This is why Cypherpunk was established, with the principles of privacy and self-sovereignty.
Cypherpunk will achieve its mission by accumulating, building, and supporting assets that protect against privacy breaches. They will also pay attention to technologies that are related. This comes at a time when the world needs them now more than ever. The company, ticker $LPTX and $CYPH, launched with a significant $50 million+ investment. This investment from Winklevoss is specifically to start accumulating Zcash ($ZEC).
Winklevoss feels Zcash is currently trading at a large discount to its true worth in the long term. Cypherpunk currently has 203,775 ZEC. These were bought at an average price of about $245 each. This is about 1.25% of the current ZEC supply. The plan is to continue to accumulate ZEC rapidly. The aim is to have Cypherpunk own at least 5% of all the ZEC supply.
Winklevoss Sees Zcash as “Encrypted Bitcoin” in AI Era
Since the inception of Zcash 9 years ago, Winklevoss has watched its symbiotic relationship with Bitcoin. Zcash is a fork of Bitcoin. It has identical tokenomics, with both having 21 million coins as their total supply. He describes Bitcoin as a form of digital gold. For this reason, he views Zcash as an encrypted version of Bitcoin, or digital cash. One is a store of value. The other is by which you privately move that value.
Winklevoss and his team have been following this symbiosis for years. So, they believe now, when we’re in the age of AI, is the right time to start accumulating ZEC. They strongly feel that Zcash could rise to become a meaningful percentage of the market capitalization of Bitcoin. This is simply based on its merits as a privacy hedge or insurance policy to Bitcoin’s transparency.
Winklevoss thinks that Bitcoin will only rise to $1000,000 per coin in the next 5-10 years. He also believes Zcash will appreciate the price from its current levels to a great extent. He reiterates that these coins go hand in hand. Over the next few weeks, Cypherpunk will continue to outline its full thesis. The venture is focused on Zcash, a privacy-oriented cryptocurrency. It uses zero-knowledge proofs to establish security in transactions by making them private.
This technology is very important for Cypherpunk Technologies. It is the basis of the focus on privacy. Zero-knowledge proofs are used to verify transactions without releasing sensitive information. This includes sender or receiver addresses or amounts of transactions.
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