Zcash price jumps 17% as Grayscale advances ZCSH listing plan
ZEC rallied towards $680 after Grayscale filed another amendment for its planned Zcash Trust listing on NYSE Arca.
Zcash [ZEC] surged 17.49% to $668.60 to become one of the top gainers of the day on Friday during the wider crypto rally.
The positive price move came days after Grayscale advanced its plans to list its Zcash Trust on NYSE Arca, and a separate engineering update also promises faster performance for Zcash wallets.
Grayscale filing reveals 200,000 ZEC proposal
Grayscale filed its fourth amended registration statement for the Zcash Trust with the US Securities and Exchange Commission on August 18.
According to the filing, the company wants to move the trust from one market to another [the OTCQX market to NYSE Arca] under the existing ZCSH ticker, with the proposed structure allowing the trust to issue shares continuously.
It will also allow it to introduce a redemption program designed to keep the share price closer to the value of its ZEC holdings.
It also disclosed discussions with DCG that will see the unit contribute approximately 200,000 ZEC through an authorized participant and receive trust shares in return.
But the discussions are non-binding, and the filing says DCG could contribute more tokens, fewer tokens, or none.
Despite the discussion being non-binding, the amount proposed is a lot, because the trust held approximately 388,674 ZEC at the end of June.
Zcash price approaches $680 hurdle
ZEC reached highs of $682.36 during Friday’s trading session before slipping as volume rose and traders pushed the coin through $560 and again above $600.
The immediate test is around $680, as it is a zone that has seen it retreat several times when it tried to advance in May, but a firm move beyond it could bring $700 into view.
A slowdown would make $600 the first major level the buying camp needs to defend.
Apart from the market excitement, Zakura says it made a hashing process used by Zcash wallets and nodes more than 15x faster than its starting implementation.
With the Ironwood upgrade on Zcash, the immediate effect for users would be wallet synchronization and better performance when processing private transactions.
Final Summary
- ZEC gained 17.49% and approached resistance around $680.
- Grayscale’s proposed 200,000 ZEC arrangement remains non-binding.
