As Bitcoin (BTC) Falls, Grayscale Moves in for This Altcoin! “$1 Million in Support and Advertising on Wall Street!”

As the sell-off in Bitcoin and altcoins continues, Zcash (ZEC), a privacy-focused cryptocurrency that often stands out from the market with its rallies, has also been affected by this decline. Zcash has fallen by up to 15% in the last 24 hours, prompting a new move from Grayscale.

Grayscale, a US-based digital asset manager, announced it has launched a large-scale marketing campaign to increase awareness of its privacy-focused cryptocurrency, Zcash.

Wall Street Campaign and $1 Million in Support!

Grayscale announced that as part of the campaign, it has launched a dedicated website called Zcash Invest containing investment information about Zcash, and has begun placing full-page ads and front-page advertisements in the Wall Street Journal.

The newspaper’s inside pages featured a full-page advertisement promoting the Grayscale Zcash Trust ETF (ZCSH). The new website offers investment information about the product and explains Zcash’s privacy features.

The company also pledged a total of $1 million in donations to non-profit organizations supporting the Zcash ecosystem. It was stated that the first $400,000 of this amount was distributed as $100,000 each to the Zcash Foundation, the policy advocacy group Pretty Good Policy for Zcash, Shielded Labs, and Project Tachyon.

Grayscale also stated that it plans to reinvest all governance fee revenue earned from the ZCSH fund back into the Zcash network. This fund will be used for technology development, marketing, community building, and education.

Steve Bunnell, Grayscale’s head of indexing, said that financial privacy is becoming even more important as economic activity takes place on the supply chain and artificial intelligence facilitates data analysis.

News Didn’t Stop Sales Pressure!

Grayscale’s announcement did not have a positive impact on Zcash. ZEC fell approximately 15% during the day to $1,025, nearing its lowest level in the last two months. ZCSH followed a similar trend, dropping approximately 12% to $27.25.

It is stated that the liquidation of leveraged long positions is behind the market decline.