TechFlow, Nov. 12 — According to Decrypt, biotech company Leap Therapeutics has officially changed its name to Cypherpunk Technologies Inc. and shifted toward a digital asset reserve strategy. The company announced the completion of a $58.88 million private placement led by Winklevoss Capital and has used $50 million to purchase 203,775.27 ZEC tokens at an average price of $245 per token.
The company will change its stock ticker to CYPH starting Thursday. This strategic transformation comes alongside leadership changes, with Khing Oei appointed as Chairman, and Will McEvoy from Winklevoss Capital named as the first CEO and joining the board.
Cypherpunk Technologies' CEO stated that the company's digital asset holdings will complement its biotech operations while "creating long-term shareholder value through active participation in Zcash."
Earlier, biotech firm Leap Therapeutics (Nasdaq: LPTX) announced the closing of its previously disclosed private placement, raising $58,888,888 in cash from Winklevoss Capital to launch its digital asset treasury strategy.
