Cypherpunk Technologies Inc, a privacy-focused investment company, has made a $5 million investment in Zcash Open Development Lab (ZODL), the organisation behind a privacy-preserving cryptocurrency wallet.
ZODL was founded by Josh Swihart, the former chief executive of Electric Coin Company, the original developer of the Zcash privacy cryptocurrency, and counts venture capital firm a16z, Winklevoss Capital, Coinbase and Paradigm among its backers.
The organisation houses the Zashi wallet, rebranded to Zodl, which Cypherpunk credited with driving growth in Zcash's Orchard shielded pool, a privacy layer that conceals transaction details, from approximately 1 million ZEC to approximately 4 million ZEC during 2025.
Cypherpunk currently holds 294,743 ZEC, representing approximately 1.78% of the network, at an average acquisition price of $335.89 per coin.
Swihart joined Cypherpunk as a strategic adviser in December, the announcement noted.
Cameron and Tyler Winklevoss said: "As ZODL makes Zcash easier to use, we expect adoption of the protocol to grow alongside demand for ZEC."
Swihart said: "Cypherpunk is backing the builders who will put shielded ZEC in the hands of billions."
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Will McEvoy, Cypherpunk's chief investment officer, said: "ZODL and Cypherpunk are the two most important companies in privacy."
The announcement said ZODL will continue developing the wallet and supporting Zcash at the protocol level.
The recap
- Cypherpunk invested $5 million in Zcash Open Development Lab.
- Cypherpunk holds 294,743.10 ZEC, average price $335.89 per ZEC.
- ZODL will continue wallet development and support Zcash protocol.