Key Notes
- Former Zcash developers announce CashZ wallet days after leaving Electric Coin Company.
- The new wallet is built from the Zashi codebase, with easy user migration planned.
- Team says focus remains on scaling Zcash and protecting user privacy.
CashZ wallet will be the first product released by former Zcash developers after leaving the Electric Coin Company. The team confirmed work has begun on the new privacy wallet built from the Zashi code, with plans to let current users move over easily within weeks. This is according to former CEO Josh Swihart, in a recent post.
CashZ Wallet Plan and Developer Exit
The announcement came hours after the entire development team resigned from Electric Coin Company following a dispute over governance and nonprofit rules.
Former chief executive officer Josh Swihart said the same developers who helped launch Zcash and later built the Zashi wallet are now focused on releasing the new product without changing the Zcash network or issuing a new token.
Swihart disclosed that users of the current Zashi wallet will be able to move to the CashZ wallet without friction once it launches. He said the same engineers are still handling full Zcash development, including wallet work and core improvements. The team stated clearly that it is not starting a new chain and is not raising funds through a token sale.
The developers said the decision to leave Electric Coin Company was tied to limits created by the nonprofit structure. Swihart said privacy tools need quick decisions and direct responsibility, which he said was harder under the old setup. He added that the group wanted to return to early privacy values that shaped Zcash from the start.
In a separate development, Coinspeaker noted that Arkham Intelligence issued an official response to the backlash over an earlier claim that it had “deanonymized” Zcash shielded transactions. This is a claim experts described as inaccurate.
Market Reaction and What Comes Next
After news of the developer’s exit, Zcash
ZEC
$433.6
24h volatility:
6.8%
Market cap:
$7.14 B
Vol. 24h:
$1.20 B
price fell sharply, dropping more than 20% before finding support. Following the CashZ wallet news, ZEC price rose slightly during early Friday trading.
As of writing, it is trading at $433.68, up by 2.86%. Even with that move, ZEC remains far below its past highs.
It is worth noting that the CashZ wallet is expected within weeks, giving users time to prepare for the switch. The developers said this step is about building faster tools while keeping privacy intact. They said the project will continue to serve Zcash users without disruption or risk.
Furthermore, in a positive update for the privacy coin Zcash, Coinspeaker reported that asset management firm Bitwise has filed for 11 new crypto ETFs, including Zcash (ZEC). Market participants believe approval could bring added stability to the asset.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
Godfrey Benjamin on X
Source: https://www.coinspeaker.com/zcash-developers-unveil-cashz-wallet-in-first-post-exit-move/
