Former ECC Team Launches cashZ Wallet to Rival Zashi
About 25 Electric Coin Company members, including the CEO, resigned on January 7 amid disputes over privatizing the Zashi wallet, triggering a sharp ZEC price drop and plans for a competing wallet.
ZEC
Fact Check
The evidence overwhelmingly supports the statement's truthfulness. A significant majority of the provided sources, including the one with the highest authority rating, independently and consistently report that a team of former Electric Coin Company (ECC) employees has launched, debuted, or is in the process of launching a new digital wallet named 'cashZ Wallet'. Multiple sources explicitly mention the name of the company (ECC), the status of the employees (former), and the name of the wallet ('cashZ' or 'CashZ'). There are no contradictions among the sources. The single source that does not mention the wallet launch only provides context on the team's departure from ECC and does not refute the information presented by the other nine sources. The high degree of corroboration across numerous, credible crypto-focused news outlets provides a strong basis for a high-confidence assessment.
Summary
On January 7, the entire Electric Coin Company team, comprising roughly 25 members including its CEO, resigned following internal disagreements over plans to privatize the Zashi wallet. After the announcement, Zcash’s token ZEC fell about 20%. The departing team stated it will launch a new wallet, cashZ, built on the Zashi codebase, with an expected release within weeks, positioning it as a direct competitor to Zashi.
Terms & Concepts
- Electric Coin Company (ECC): The organization historically responsible for core development and maintenance of Zcash-related software and infrastructure.
- ZEC: The native cryptocurrency of the Zcash network, whose market price reflects investor response to ecosystem developments.
- Zashi codebase: The underlying software framework of the Zashi wallet, which the new cashZ wallet plans to reuse and adapt.