The developers of the privacy-focused cryptocurrency Zcash announced that they are already developing a new wallet. This announcement comes less than one day after their highly publicized exit from Electric Coin Company.
“The team from the Electric Coin Company that launched Zcash, and created the Zashi wallet, is now launching a new wallet for Zcash, using the same Zashi codebase we built,” said former ECC CEO Josh Swihart late on Thursday.
The wallet will launch in the next few months under the name cashZ. “few weeks,” He added. Zcash users (ZECZashi wallet will migrate seamlessly to the new version. Other details were not revealed about the wallet.
This move is just hours after team exited ECC Due to an argument over the nonprofit regulations governance tensions.
Swihart has reassured privacy coin users and wallets that “the entire team that worked at Electric Coin Company and built Zashi is still 100% focused on full-stack Zcash development.”
“We aren’t launching any new coins, we’re just scaling Zcash. To do that, it required that we leave and start a new Zcash-focused company.”
ZCash’s developers are looking to revert to cypherpunk.
Swihart provided more information on their website about why they chose to launch a company. Zcash was the first thing that caught my eye. cypherpunk“We need to build an organization around this knowledge,” said he.
Related: Zcash backer Bootstrap says split due to clash over nonprofit rules, Zashi future
Second, there was the alignment. Swihart said that crypto privacy is the same as physical money. For an organization to fight for such rights, it must be brave and able move without any bureaucratic restrictions.
Swihart stated that nonprofits are more focused on rules-following, while startups are more innovative.
“Anyone who’s been in crypto more than a few years knows that the entanglement of nonprofit foundations and tech startups has been the cause of endless drama.”
Zcash is now no longer considered a tiny project. To compete against BitcoinBTCEthereumETHSolana (SOL), it needs an organizational structure built to scale rapidly.
ZEC is showing minor improvement
Since the turmoil, privacy tokens have fallen more than 21 % and are now below $400.
ZEC recovered slightly after Friday’s announcement, when the stock moved to $430. The asset has fallen 86% since its all-time record high in 2016 of $3,191. It is also down by 38% from it’s previous peak. 2025 high Just under $700 according Coingecko
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Source: cointelegraph.com
