|
Getting your Trinity Audio player ready...
|
- Zcash developers are launching the cashZ wallet just weeks after leaving ECC.
- The team says no new coin is coming — only faster Zcash development.
- ZEC saw volatility but stabilized after the announcement.
Zcash developers wasted little time reassuring users after their abrupt departure from the Electric Coin Company (ECC), announcing plans for a new Zcash wallet less than a day after the split. The move aims to preserve momentum around the privacy-focused cryptocurrency while signaling a sharper return to its cypherpunk roots.
Former ECC CEO Josh Swihart confirmed that the same team behind the Zashi wallet is now building a new product, code-named cashZ, using the existing Zashi codebase. The wallet is expected to launch within weeks, with a seamless migration path promised for current Zashi users.
A Clean Break, Not a New Coin
Swihart emphasized that the transition does not involve launching a new token or forking the Zcash network. Instead, the goal is to scale Zcash development under a structure better suited to fast execution.
According to him, the entire engineering team remains focused on full-stack Zcash development, despite leaving ECC following disagreements over nonprofit governance and operational constraints. Those tensions had been building behind the scenes and came to a head over how the project should balance compliance, innovation, and speed.
More than 3,800 users have already signed up for early access to the new wallet, suggesting strong community support despite the sudden organizational shake-up.
Why the Team Walked Away From ECC
Swihart outlined three core reasons behind the decision. First, he argued that Zcash was born from cypherpunk values, requiring an organization deeply aligned with privacy as a fundamental right rather than a regulated exception.
Second, he pointed to structural friction. In his view, nonprofits prioritize rule-following, while startups are built to move quickly and take risks. For a privacy project operating in a hostile regulatory climate, speed and decisiveness matter.
Finally, he said Zcash is no longer a small experiment. To compete with networks like Bitcoin, Ethereum, and Solana, the project needs an organization capable of scaling without bureaucratic drag.
ZEC Price Reacts, Then Stabilizes
The market response was swift. ZEC dropped more than 20% during the initial fallout, briefly falling below $400. After news of the new wallet emerged, the token staged a modest rebound, climbing back above $430 in early trading.
Also Read: Solana Mobile’s SKR Launch vs. Zcash Chaos: A Governance Wake-Up Call for Crypto
Despite the bounce, Zcash remains far below its historical highs and continues to face long-term adoption challenges. Still, the rapid rollout of cashZ suggests developers are determined to keep building through turbulence.
For users, the key takeaway is continuity. Development is moving forward, wallet access is expected to remain uninterrupted, and the core team is intact. Whether the new structure delivers faster progress will become clearer once cashZ launches and broader roadmap updates follow.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
