PIVX (PIVX), a privacy coin that leverages a customized Zerocoin protocol, is currently up over 85% in the last two weeks on the back of two major fundamental events.

PIVX/USD via CoinCodex

First, on December 21, the PIVX core development team released what the claim to be the world’s first Bulletproofs implemented Zerocoin protocol. The introduction of Bulletproofs works to reduce the Zerocoin transaction size, slow the blockchain growth rate and improve verification time.

“The main goal of the project was to improve the efficiency and scalability of the Zerocoin Protocol,” the PIVX team said in the announcement. “In particular, we were aiming at reducing – so-called, ‘communication costs’ (the amount of exchanged data in each session, which ultimately is data that is recorded forever into the blockchain).”

Further adding to the privacy coin’s momentum, PIVX sponsored UFC fighter Cris Cyborg for Saturday night’s UFC 232 event. While Cyborg ultimately lost the fight against Amanda Nunes, the sponsorship was enough to further spur interest in PIVX.

PIVX is currently trading for $0.907131, giving the coin a $51.5 million market cap and making it the 7th largest privacy-focused cryptocurrency. Despite the recent gains, PIVX is still down more than 90% this year.

More: The World’s First Bulletproofs Implemented Zerocoin Protocol
Similar: PIVX Is Launching a Decentralized Exchange on Its Masternode Network

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.