Grayscale investments have officially launched an investment trust dubbed “Zen Investment Trust” for certified investors. The announcement made on Thursday contained details of the functionalities of the newly launched investment trust.
Greyscale Investments To Focus ore on Certified Investors
Grayscale Investment which is the world’s top cryptocurrency asset management company has increased the number cryptocurrency investment funds in its catalog to nine. The new addition which was officially launched on Thursday is dubbed ZEN Investment Trust.
ZEN is the official cryptocurrency of the Horizen network mimics the privacy functionalities of its parent coin Zcash. The horizon ecosystem is a decentralized network that is controlled by its users who are rewarded for actively participating in the network.
The new investment trust will be dedicated to only one digital asset (ZEN). This continues the trend of the other eight investment fund owned by greyscale investment which runs a single-asset policy.
A press release by the firm revealed that the investment fund can be accessed by institutional and certified investors. Rob Viglione the co-founder and president of greyscale investments notes that.,
The launch of ZEN investment Trust signifies an important milestone for the Horizen ecosystem.
Why Did Greyscale Pick Zen?
Grayscale investment who already had investment trusts for Ethereum Classic, Bitcoin, and Zcash launched four more investment trusts four Ripple, Litecoin, Bitcoin Cash and Ethereum in April. Additionally, the move by greyscale to create a trust for ZEN is divergent from the firm’s history of creating trusts for more accomplished and popular cryptocurrencies.
It is only opened to certified and institutional investors in its first year of operation. However, after the first one year, the trust become accessible to all investors. This framework has been successful in its previous investment trusts especially the ones for Etherium Classic and Bitcoin.
Micheal Sonnenshien, the Managing Director of greyscale stated that the firm chose to create a trust for ZEN because it sees the cryptocurrency as a promising token. Moreover, Sonnenshien explained that the cryptocurrency’s network focuses on creating DApps that have real-life applications. He went on to state that the Horizen platform is supported by an innovative development team.
Sonnenshien added that the controversy surrounding the creation of a trust for ZEN by greyscale was the same experienced during its announcement of the launch of the Ethereum Classic investment Trust. Yet, the trust is doing remarkably well.