Horizen, backed by Grayscale, to shed privacy coin label and transform blockchain

By Lola Coin Jun 28, 202358Views

Blockchain project Horizen, backed by Digital Currency Group subsidiary Grayscale Investments, has announced plans to remove support for shielded transactions on its mainnet. The move is aimed at repositioning its native cryptocurrency, Zen, from a privacy coin to a more general digital asset. The change will take effect with the release of the Zen 4.1 software upgrade in September 2023. The decision comes as many privacy-focused cryptocurrencies face regulatory scrutiny and delisting from major exchanges. By eliminating privacy features, Horizen hopes to increase the accessibility of Zen and enable it to be listed on a wider range of exchanges. However, the project will still maintain some privacy functionality through a sidechain. The Grayscale Horizen Trust offers exposure to Horizen for investors interested in the project.

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