Ex-Zcash devs to launch CashZ wallet after mass resignation

The former Zcash development team is moving forward under a new company after a full resignation from Electric Coin Company, the entity that oversees the privacy project.

The core development team behind Zcash’s flagship wallet is preparing to relaunch its work under a new company after resigning en masse from Electric Coin Company.

On Jan. 8, former ECC chief executive officer Josh Swihart announced the creation of a new for-profit startup, CashZ, formed by the same team that built the Zashi wallet and contributed to recent Zcash (ZEC) protocol development. The company plans to release a new Zcash wallet, code-named cashZ, using the existing Zashi codebase.

Why the team walked away from ECC

The move follows what Swihart described as a “constructive discharge” stemming from disputes with Bootstrap, the nonprofit that oversees ECC. According to Swihart, changes imposed by a majority of Bootstrap’s board made it impossible for the team to continue operating effectively within the nonprofit structure.

Despite the split, Swihart emphasized that the team remains fully committed to Zcash. No new token is being launched, and the group says its sole focus is scaling Zcash adoption rather than building a separate ecosystem.

In a lengthy public statement, Swihart argued that nonprofit governance has become a limiting factor for fast-moving crypto development teams. He said startups are better suited to execute, raise capital, and remain aligned around clear incentives, particularly as regulatory pressure on non-profit entities increases.

He framed the transition as a structural change rather than an ideological break, noting that the Zcash protocol itself is open source and unaffected by the team’s departure. Development, he said, will continue under the new company with the same technical goals.

The cashZ wallet will be a direct continuation of Zashi. Existing Zashi users will be able to migrate with minimal friction once the new wallet goes live, according to the company. A public waitlist is already open.

Market reaction and broader context

ZEC prices responded swiftly to the news of the resignation. The market fell for a short while as confusion and rumors circulated on social media, with some users even claiming the project had been abandoned. 

Later, the team stepped in to clarify the situation, re-assuring investors that Zcash’s development is still moving forward under a different structure.

This episode reflects a common struggle in crypto. Foundations tend to move slowly, while startups move fast. Zcash has seen real technical progress in recent months. Still, the CashZ launch shows that how a project is organized can matter more than the protocol itself when it comes to scaling.