The company behind privacy-centric cryptocurrency Zcash (ZEC), Electric Coin Company (ECC), detailed financial losses in the first quarter of 2019.
As per the Q3 2019 report distributed on August 29, the company operated at an average monthly shortfall of $186,000 during the first quarter of 2019.
The firm purportedly was getting 6,157 ZEC per month and 2,000 ZEC for staff remuneration. Considering the average price of the coin during that time frame, it is equivalent to almost $449,000. The company’s monthly expenses, on the other hand, were “approximately $635,000 including employee compensation paid in ZEC at the Q1 […] price of roughly $55.” ECC’s entire holdings ended up increasing:
“The company’s first quarter ending amount of USD and Zcash was approximately $5.2M. The company currently holds approximately $6.4M worth of USD and Zcash.”
Zooko Wilcox, CEO and Zcash co-founder of Electric Coin Company, talked about the plausibility of the ZEC development fund renewal in a letter published in July.
It was previously reported that United Kingdom-based clients of Coinbase are being informed that the exchange will be dropping support for the privacy-centered Zcash.