Share this article
Zcash Developer Electric Coin Co. Reveals Q1 Financial Loss
The for-profit arm supporting zcash has issued a new report saying it avoided layoffs throughout the bear market despite being in the red.
Updated Sep 14, 2021, 1:51 p.m. Published Aug 30, 2019, 12:25 p.m.
The Electric Coin Company (ECC), the for-profit company that supports the development of the zcash cryptocurrency has issued its Q3 transparency report, revealing it has so far avoided layoffs during the bear market despite financial losses.
According to the report, the company ran an average monthly deficit of 30 percent in Q1. The ECC took in $449,000 per month while expenses averaged $635,000.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
In a July letter, EEC CEO and Zcash co-founder Zooko Wilcox said the company had successfully navigated the bear market, which saw multiple teams cut staff or close up shop entirely. According to the company’s profile on Linkedin, the ECC currently has 19 employees.
Launched in 2016 without an initial coin offering, new cryptocurrency created by the protocol has since been divided between miners, the Zcash Foundation, the ECC and certain founders as well as employees.
As of today's mining schedule, 80 percent of the block reward goes toward miners with the remainder dispersed as a "Founder's Reward."
At an average of $55 per coin, the ECC made $336,900 per month on block rewards alone in Q1. Expenses hit $525,000 for the company plus another $110,000 per month for employees over the same period.
Due to the deficit, the report states the ECC cut costs in numerous non-critical areas like PR, trademark protection and engineering. The ECC also approached Founder's Reward recipients to reallocate funds for the ECC in June.
As mentioned, the report comes a month after Wilcox’s open letter to the Zcash community. The development fund is set to run dry in October 2020, which would slash funding for the ECC. In the letter, Wilcox called for a new development fund for the company.
The ECC did not respond to questions for comment by press time.
Zooko Wilcox image via CoinDesk archives
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Tom Lee responds to controversy surrounding Fundstrat’s differing bitcoin outlooks
A debate on X over seemingly conflicting bitcoin forecasts from Fundstrat analysts drew a response from Tom Lee, highlighting differing mandates and time horizons.
What to know:
- X users flagged what appeared to be conflicting bitcoin outlooks from Fundstrat’s Tom Lee and Sean Farrell.
- Lee endorsed a post arguing the views reflect different mandates and time horizons, not internal disagreement.
- The episode highlights how public commentary can blur distinctions between short-term risk management and long-term macro views.
Top Stories
