The Zcash Core Team Establishes New Company for Wallet

The entire Electric Coin Company (ECC) team, led by former CEO Josh Swihart, has left to form a new Zcash-focused entity, planning to launch the ‘cashZ’ wallet, based on Zashi, enhancing Zcash’s ecosystem with no new token introduced.

Nut Graph: The formation of the new company by the former ECC team aims to scale Zcash’s development and introduce the cashZ wallet, addressing governance issues with Bootstrap. The Zcash community anticipates continuous development and expanded user engagement following this transition.

Zcash Core Team’s Exit from ECC

The Zcash core team has exited from ECC to focus on launching the “cashZ” wallet. The team, previously responsible for the Zcash protocol and Zashi wallet, aims to deliver continued development in a new structure.

Impact on Zcash Market

Following this shift, the Zcash price experienced a sharp drawdown, sparking market concerns over governance. Despite this, the underlying Zcash protocol remains unaffected, suggesting limited broader market disruption.

Financial and Strategic Outlook

Financially, the newly formed entity is yet to disclose funding specifics. Governance disputes underlie this strategic realignment, but the team’s commitment to expanding the Zcash ecosystem remains steadfast, promising industry growth.

Industry Implications and Future Potential

“We are forming a new Zcash‑focused company and will continue full‑stack development on Zcash, including launching a new wallet based on the Zashi codebase, currently code‑named cashZ,” said Josh Swihart, Former CEO, Electric Coin Company. The move by the former ECC staff indicates a significant industry shift. Investors see potential for enhanced Zcash use, although financial implications remain speculative due to undisclosed funding structures. Future developments are keenly awaited by stakeholders.