Digital Currency Group has added ZenCash, a little-known, privacy-focused coin, to its «conviction list» of cryptocurrencies. The other coins on the list are bitcoin, ethereum classic, zcash and Decentraland.
Speaking at the Stocktoberfest East conference in New York City, Digital Currency Group founder and CEO Barry Silbert asked audience members to raise their hands if they owned offshore bank accounts.
«There is approximately 10 percent of the world's wealth held in offshore bank accounts,» he said after some of the audience members raised their hands, adding:
«I believe that financial privacy is going to become a really, really important thing not just in emerging markets, but in the U.S. as well.»
For this reason, Silbert said, privacy coins were one of Digital Currency Group's primary focuses. That category includes the relatively prominent zcash, of which the lesser-known ZenCash is a fork of a fork — via ZClassic.
«I love the team,» Silbert said of ZenCash Wednesday, «I love the vision, and the community that we've gotten to know is incredibly passionate.»He explained that the privacy coin is «broader» than its grandparent zcash, referring to its support for messaging and media applications.
Silbert said that ZenCash formed part of Digital Currency Group's «conviction list,» meaning that the firm has «meaningful dollars in a token.»
Despite his enthusiasm for certain digital assets, however, Silbert made it clear that the space as a whole is rife with soon-to-be flops.
«Most of the tokens are going to zero,» he said.
Editor's note: An earlier version of this article stated Grayscale Investments, a Digital Currency Group subsidiary, was investing in ZenCash.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group.