Grayscale launched a Zcash advertising campaign and expanded its grant commitment to $1 million. The same day, ZEC and the fund's shares fell, and the fund recorded net outflows in November.
Grayscale kicked off a Zcash advertising campaign on Tuesday with a new website, a front-page Wall Street Journal wrap and more grants to groups working on the crypto's development. However, both the token and the fund were down on the day.
Wall Street Journal wrap promotes ZCSH
The Wall Street Journal ad includes a zebra-striped wrap and a full-page advertisement inside promoting Grayscale's Zcash ETF, ZCSH. The asset manager also launched ZcashInvest.com as an educational resource on the fund and Zcash's privacy features.
According to a Tuesday release, the campaign extends across print, outdoor ads, digital, streaming and social media. The fund began as a private placement in 2017.
Grants grow to $1 million
Grayscale is expanding grants to nonprofits and initiatives supporting Zcash to $1 million. It has already awarded $400,000 through four equal grants to the Zcash Foundation, Pretty Good Policy for Zcash, Shielded Labs and Project Tachyon.
Grayscale also said it intends to reinvest all ZCSH sponsor fees into the Zcash network across development, marketing, community and education for up to the fund's first year as an ETF.
ZEC and ZCSH slide
The campaign comes as ZEC trades down roughly 13% on the day to $1,025, close to a two-month low. ZCSH shares are also down around 12% to $27.25, near their lowest level over the same period.
The fund has seen more than $15 million in net outflows so far in November, excluding Tuesday's figures. October brought $46.25 million in net outflows. The fund listed on NYSE Arca in August.
Source: The Block
Trading involves risk.
Risk Disclaimer
