The developers of privacy-focused Zcash have announced that they’re already working on a brand new wallet for the cryptocurrency lower than a day after their highly publicized exit from the Electric Coin Company.
“The Electric Coin Company team that launched Zcash and developed the Zashi wallet is now launching a brand new wallet for Zcash that uses the identical Zashi codebase that we built,” former ECC CEO Josh Swihart said late Thursday.
The codename for the wallet is “cashZ” and might be launched in “a couple of weeks,” he added. Users of the present Zcash (ZEC) wallet Zashi can seamlessly migrate to the brand new one. There were no further details concerning the latest wallet.
The move comes just hours after the team left ECC amid a conflict over nonprofit rules and tensions in corporate leadership.
Swihart assured users of the privacy coin and wallet that “your complete team that worked at Electric Coin Company and developed Zashi continues to be 100% focused on the full-stack development of Zcash.”
“We're not launching latest coins, we're just scaling Zcash. To achieve this, we needed to exit and create a brand new Zcash-focused company.” More than 3,800 people have already signed up for the brand new wallet. Source: Cashz.org
ZCash developers wish to return to the cypherpunk roots
On the web site, Swihart gave additional explanation why the team decided to start out a brand new company. “First, Zcash is cypherpunk, and we want a company based on that understanding,” he said.
The second reason was the orientation. Swihart argued that privacy is as normal with cryptocurrencies because it is with physical money. The fight for these rights requires a company with courage and the flexibility to maneuver quickly and without bureaucratic constraints.
Nonprofits give attention to compliance, while startups give attention to innovation, Swihart said.
“Anyone who has been in crypto for greater than a couple of years knows that the entanglement of nonprofit foundations and tech startups has been the explanation for limitless drama.”
Thirdly, Zcash has undergone a rebirth within the last two years and isn’t any longer a small project. Competing with Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) requires a rapidly scalable organizational structure.
ZEC shows a slight recovery
The privacy token has fallen greater than 21% because the upheaval and fell below $400 on Thursday.
ZEC saw a slight rebound following the announcement in early trading on Friday as the worth rose back to $430. However, based on Coingecko, the asset stays 86% below its all-time high of $3,191 in 2016 and likewise 38% below its 2025 peak of slightly below $700.
