The development team behind the privacy coin Zcash is set to launch a new wallet named cashZ within a few weeks. This announcement follows their departure from Electric Coin Company due to conflicts regarding nonprofit governance. Former ECC CEO Josh Swihart confirmed that the new wallet will utilize the existing Zashi codebase.
More than 3,800 users have already expressed interest in the new wallet. Swihart emphasized that the entire team remains dedicated to advancing Zcash, stating their focus is on enhancing the existing cryptocurrency rather than introducing new coins. He highlighted the need for an organization that prioritizes innovation and can operate without the constraints typical of nonprofit structures.
Following the team's exit, Zcash's market performance saw a slight uptick, recovering to around $430 after a previous decline below $400. The recent turmoil has resulted in over a 21% drop in value since the announcement, prompting discussions around the future direction of Zcash and its community.