Developers of privacy-centered Zcash contain launched they’re already engaged on a brand contemporary wallet for the cryptocurrency, decrease than a day after their high-profile exit from Electrical Coin Company.
“The crew from the Electrical Coin Company that launched Zcash, and created the Zashi wallet, is now launching a brand contemporary wallet for Zcash, the usage of the identical Zashi codebase we constructed,” acknowledged outdated skool ECC CEO Josh Swihart slack on Thursday.
The code name for the wallet is cashZ and will likely be launched in a “few weeks,” he added. Customers of the fresh Zcash (ZEC) wallet, Zashi, will likely be in a plot to migrate to the contemporary one seamlessly. There were no other well-known suggestions about the contemporary wallet.
The switch comes honest hours after the crew exited ECC ensuing from a clash over nonprofit rules and governance tensions.
Swihart reassured users of the privacy coin and wallet that “your total crew that labored at Electrical Coin Company and constructed Zashi is quiet 100% centered on elephantine-stack Zcash pattern.”
“We aren’t launching any contemporary cash, we’re honest scaling Zcash. To attain that, it required that we high-tail away and delivery a brand contemporary Zcash-centered company.”
ZCash devs are attempting to head serve to cypherpunk roots
On the salvage pages, Swihart gave extra reasons why the crew decided to delivery out a brand contemporary company. “First, Zcash is cypherpunk, and we need an organization constructed spherical that working out,” he acknowledged.
Linked: Zcash backer Bootstrap says split ensuing from clash over nonprofit rules, Zashi future
The 2d reason turned into once alignment. Swihart argued that privacy in crypto is normal, honest because it’s with physical cash. Combating for these rights requires an organization with courage and the flexibility to switch at the moment with out bureaucratic constraints.
Nonprofits take care of rule-following while startups take care of innovation, Swihart acknowledged.
“Anybody who’s been in crypto better than a few years knows that the entanglement of nonprofit foundations and tech startups has been the plot off of unending drama.”
Thirdly, Zcash has experienced a rebirth over the past two years and is no longer any longer a tiny venture. To compete with Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), it needs an organizational structure constructed to scale right this moment.
ZEC shows minor recovery
The privacy token has dumped better than 21% since the upheaval, falling below $400 on Thursday.
ZEC saw a minor recovery after the announcement during early buying and selling on Friday when it moved serve to $430. Nonetheless, the asset remains down 86% from its 2016 all-time high of $3,191 and is furthermore down 38% from its 2025 high of honest below $700, in accordance to Coingecko.
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