The growing crypto market is letting different things happen and this is a positive sign for the growth of the crypto industry. Zcash (ZEC) and Ripple’s Xpring, jointly have made an investment in a new crypto startup named Bolt.
Bolt is a private and off-chain scaling solution network and Zcash stakeholders have heavily invested in this. The core network behind all this investment is the Electric Coin Company, the one which has a key role in Zcash ecosystem.
The CEO of the Coin Company, Wilcox says that Bolt is a promising platform because of its additional protection. Just like Bitcoin’s Lightning Network, Bolt protocol is a scaling solution that makes it much more feasible to send smaller amounts, but it is a bit different as far as privacy is concerned.
Bolt uses cryptography to hide its data from unauthorized parties and the information regarding the micropayments send by users are also kept private as well.
The reason for such a high investment by Wilcox is that he believes in the mission of Bolt and in Akinyele, who is the CEO of the startup platform. Apart from heavy investment from the Electric Coin Company, Bolt has collected investment from various sources. Around $1.5 millions of total investment have been gathered so far.
The CEO of Bolt added that there have been several big firms who have participated in the investment which includes, Xpring from Ripple Labs, Lemniscap, Ventures, Vy Capital, Kilowatt Capital, and Access Ventures. All the investment being made in Bolt is just for one reason and that is to improve privacy in cryptocurrency. Bolt has already been working on Dekrypt.
Depending on the use cases of Blot, if the users are using the platform for business reasons, it might be unacceptable to have their business confidential data leaked in that way. But if the users opt for Zcash and Bolt in layer 1 and 2, respectively, then both the layers will provide high-level security to their business and not letting it get their information leaked.
All in all, this investment could in return play a crucial role in giving returns. Many big firms have already shown their interest in Bolt and in the long run, this could help ZEC market development. Analyzing the current market, at the time of press, Zcash (ZEC) was trading at a price of $69.47 USD with a market cap of $441 million and a trading volume of $197 million.