Following criticism from international regulators, Horizen, a self-described layer 0 blockchain, has abandoned its privacy coin moniker.
The choice was made under pressure from regulators over privacy currencies. Following the publication of draft guidance by the European Banking Authority in March that highlighted the anti-money laundering risk connected with the tokens, the cryptocurrency exchange Huobi delisted a number of privacy coins in September to comply with laws in various jurisdictions.
After the mainchain shielded pools were deprecated, Horizen stated on Twitter that Zen will no longer be regarded as a privacy coin. To maintain ZEN available to our users worldwide, we are actively collaborating with our exchange partners. As its trading pairs on Binance and Coinbase battled to maintain liquidity, the cryptocurrency made a small upward move and is now trading at $7.09.
According to CoinGlass, the Horizen Trust, a cryptocurrency hedge fund owned by Grayscale, is valued about $4.3 million. Grayscale and CoinDesk are affiliated businesses that are both owned by the Digital Currency Group.