Zcash (ZEC) experienced a 20% price increase over a 24-hour period following a disclosure by Paradigm co-founder Matt Huang. Huang confirmed that the investment firm holds ZEC tokens and has invested in the Zcash Open Development Lab (ZODL).
The token's value reached approximately $1,338 on Thursday. This recent growth contributes to a one-month gain of roughly 160%, significantly outpacing Bitcoin, which rose by 18.2% during the same timeframe according to Coingecko data.
Paradigm's involvement in the Zcash ecosystem was previously established in March, when ZODL secured over $25 million in a seed round. That funding round also included participation from a16z crypto, Coinbase Ventures, and Winklevoss Capital.
Matt Huang characterized Zcash as a private complement to Bitcoin and expressed support for its inflation-funded developer model. He noted the importance of long-term funding in the context of emerging quantum computing and AI-driven cybersecurity threats.
The market movement occurred alongside a broader rally in the cryptocurrency sector, following a 25 basis point interest rate hike by the Federal Reserve to a range of 3.75%-4%. Data from Glassnode indicates that privacy coins have outperformed the wider market.
