Paradigm co-founder disclosed investment in ZEC, Zcash rose about 20% in 24 hours

Privacy token Zcash (ZEC) rose about 20% in 24 hours, with Paradigm co-founder Matt Huang revealing that the company has invested in ZEC. ZEC supports shielded transactions that hide addresses and transaction amounts using zero-knowledge proofs, with a price of about $1,338 on Thursday.

Huang disclosed in a post that Paradigm is both an investor in the Zcash Open Development Lab (ZODL) and a holder of ZEC tokens. He described Zcash as "a privacy complement to Bitcoin" and supports its developer fund backed by inflationary funds, believing that long-term funding support remains important in the context of AI network capabilities and the development of quantum computing. He also supports combining Zcash token voting with other forms of governance to reduce its unpredictability as a monetary asset.

Today's increase of over 10% has led to a cumulative rise of about 160% for ZEC over the past month, while Bitcoin has risen 18.2% during the same period. Paradigm's investment in the Zcash ecosystem has been publicly disclosed, with ZODL announcing the completion of over $25 million in seed funding in March, with participants including Paradigm, a16z crypto, Coinbase Ventures, and Winklevoss Capital. As ZEC rises, the Federal Reserve raised interest rates by 25 basis points to 3.75%-4%, marking the first rate hike of 2023, with the overall cryptocurrency market trending upward.