Leap Therapeutics, a biotech company listed on the US Nasdaq, announced on November 12 that it will change its corporate name and buy the crypto asset (virtual currency) Zcash (ZEC).
Leap Therapeutics is a company that develops cancer drugs. The company has changed its name to Cypherpunk Technologies. Additionally, the company’s ticker symbol will change from LPTX to CYPH on November 13.
Furthermore, at the same time as the company name change, Cipherpunk Technologies launched a treasury strategy to accumulate ZEC, the native token of the privacy-preserving blockchain Zcash. The company reportedly bought 203,775.27 ZEC for $50 million (about 7.74 billion yen). The average amount vested per 1 ZEC is $245.37 (approximately 37,995 yen).
The company has adopted ZEC’s treasury strategy as it positions Zcash as a “digital privacy asset format.” Moreover, it can be expected that ZEC will be used as a hedge against transparency risks in the existing financial infrastructure in the era of AI (artificial intelligence).
The company bought ZEC with $58.88 million (approximately 9.1 billion yen) raised through a PIPE (private capital raising for limited investors) led by Winklevoss Capital, conducted in November. In addition, Winklevoss Capital invested in the majority of the PIPE.
Winklevoss Capital is an investment company founded by the Winklevoss brothers, founders of the overseas crypto asset (virtual currency) exchange Gemini.
In addition, as of November 11, Mr. Khing Oei has been appointed Chairman of the Board of Directors of Cypherpunk Technologies, and Mr. Will McEvoy has been appointed Director and Chief Investment Officer (CIO).
Oei is the founder and CEO of Treasury, a Euro-denominated Bitcoin (BTC ($103,049.00)) treasury company. Additionally, as a director at Winklevoss Capital, Mr. McEvoy was responsible for investments in crypto assets and the aerospace, energy, bio, and defense sectors.
Reference: Leap Therapeutics
Image: PIXTA
Related news
- Zooko, the founder of Zcash, a pioneer in anonymization technology, talks about “the possibility of anonymity and the history of Zcash” (Zooko Wilcox, a surprising interview!)
- Winklevoss Brothers’ Gemini Offers Predictive Market Trading – Report
- Gemini EU starts offering perpetual trading in “XRP ($2.50)” with a maximum leverage of 100x
- Mobcast Partners with OKJ to Strengthen Solana’s (SOL ($155.30)) Treasury Operations
- Mobcast HD partners with BitPoint to fully launch Solana (SOL) Treasury business
#Cancer #drug #developer #Leap #Therapeutics #launches #ZCash #ZEC #treasury #strategy #company #Cipherpunk #BitRss #Crypto #World #News