Winklevoss Twins To Launch New Zcash ETF

(MENAFN- Yolo Wire) Twin brothers Cameron and Tyler Winklevoss are planning to launch a new Zcash (CRYPTO: $ZEC) exchange-traded fund (ETF).

However, the new fund will not be issued directly by Gemini (NASDAQ: $GEMI), the crypto exchange founded and run by the brothers.

Rather, Winklevoss Asset Services has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) that proposes an ETF that will track the spot price of Zcash.

The ETF would hold ZEC directly, with Gemini serving as custodian. The new ETF proposes charging a 0.25% annual fee.

The Zcash fund would list on the Nasdaq exchange under the ticker symbol "WINK."

Winklevoss Asset Services is a newly formed company owned by the brothers.

Cameron and Tyler Winklevoss have entered into a partnership with Cypherpunk Technologies (NASDAQ: $CYPH), which will help with protocol development.

The filing for the Zcash ETF comes 13 years after the twins filed for the first U.S. spot Bitcoin (CRYPTO: $BTC) ETF, although the SEC rejected the BTC fund in 2017.

The Winklevoss brothers have long been bullish on Zcash. Gemini became the first U.S. exchange to offer Zcash trading and custody.

Tyler and Cameron Winklevoss have also donated $1.2 million U.S. worth of ZEC to Shielded Labs, an independent Zcash development company.

Currently, the Grayscale Zcash ETF (NYSE: $ZCSH) is the only fund that tracks the sport price of the crypto.

The Grayscale fund attracted more than $233 million U.S. of inflows and reached nearly $890 million U.S. in net assets less than a month after its launch, leading to a 3-for-1 split.

GEMI stock has fallen 82% in the last 12 months to trade at $4.44 U.S. per share.

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