Winklevoss-Backed Cypherpunk Technologies Targets 5% Zcash Supply with Gemini Custody

New York – Cryptocurrency exchange Gemini has underscored its commitment to privacy and self-sovereignty through its support for Cypherpunk Technologies Inc., a new entity backed by Winklevoss Capital, co-founded by Gemini's Cameron and Tyler Winklevoss. The initiative, which centers on accumulating Zcash (ZEC) as a privacy-focused digital asset treasury, was highlighted by Gemini with the statement, "> Cypherpunk team cooked on this one Zillions," signaling a significant development in the privacy coin sector.

Cypherpunk Technologies, formerly known as Leap Therapeutics, recently rebranded and pivoted its business model to become a digital asset treasury. This strategic shift is backed by over $50 million in funding led by Winklevoss Capital, with a stated goal to acquire up to 5% of Zcash's total supply. The company has already purchased 203,775 ZEC at an average price of $245 per coin, emphasizing Zcash's role as an "encrypted counterpart" to Bitcoin.

Tyler Winklevoss, co-founder of Gemini, articulated the rationale behind Cypherpunk Technologies, stating that "Privacy is the precondition for many of our freedoms." He emphasized that the company is dedicated to privacy and self-sovereignty, aiming to accumulate, build, and support privacy-protecting assets and technologies. This aligns with the broader cypherpunk ethos, which advocates for strong cryptography to protect individual liberties in the digital age.

Gemini plays a crucial role in this endeavor by providing institutional-grade crypto custody for Cypherpunk Technologies' Zcash holdings. This partnership reinforces Gemini's long-standing commitment to security and regulatory compliance, bridging the gap between privacy-focused digital assets and traditional financial standards. The move is expected to attract investors seeking enhanced privacy features in their digital asset portfolios.

Industry analysts are closely watching how this significant investment and strategic focus on Zcash will impact the privacy coin market. The initiative positions Zcash as a key asset in the evolving landscape of digital freedom, potentially setting a new standard for how centralized exchanges engage with privacy-enhancing technologies. Cypherpunk Technologies aims to create long-term shareholder value through active participation in the Zcash ecosystem.