Zcash (ZEC) fell about 13% to $1,025 as Grayscale launched a promotional campaign and announced plans to increase its total grants to Zcash projects to $1 million.
According to The Block, ZEC and Grayscale’s Zcash fund, ZCSH, approached their lowest levels in about two months. ZCSH shares fell about 12% during the day to $27.25. According to SoSoValue data, the fund saw net outflows of $46.25 million in October. In November, net outflows exceeded $15 million, excluding Tuesday’s figures.
How much funding will Grayscale allocate to the Zcash network?
Grayscale promoted Zcash and its ZCSH fund through ads published in The Wall Street Journal and also launched a website explaining Zcash’s privacy features. The company had previously awarded a total of $400,000 in grants to four organizations supporting Zcash. Under its new plan, it aims to increase the total grant amount to $1 million.
Grayscale also plans to direct all of the fund’s sponsor fees to the Zcash network for its first year operating as an ETF, for up to 12 months. The funds will be used for development, marketing, community, and educational initiatives.
Not investment advice.