Zcash developers announced a new wallet a day after the split at Electric Coin Company

According to former ECC CEO Josh Swihart, the new wallet will be built on the same codebase as Zashi. It is expected to be released within a few weeks. The project has been given the codename cashZ. Users of the current Zashi wallet will be able to migrate to the new platform without any issues. No further details about the functionality of cashZ have been disclosed so far.

The departure of the ECC team from Bootstrap — a nonprofit organization established to support the Zcash (ZEC) cryptocurrency — occurred due to disagreements over governance and compliance with company rules.

“Over the past few weeks, it has become clear that the majority of Bootstrap’s board members — including Zaki Manian, Christina Garman, Alan Fairless, and Michelle Lai (ZCAM) — have moved into clear misalignment with the mission of Zcash,” Swihart wrote on social network X.

He was quick to reassure users that the entire team behind Zashi remains fully focused on the development of Zcash.

“We are not launching new coins — we are scaling Zcash. To do this, we had to leave and create a new company focused exclusively on Zcash,” he explained.

On the website cashz.org, Swihart outlined the reasons for creating the new company. He emphasized that Zcash is a project rooted in the cypherpunk movement (advocates of cryptographic privacy), and therefore requires an organization guided by this core principle.

According to the developer, privacy in the crypto space is as much a norm as the anonymity of cash. Effectively defending these rights requires a dedicated organization capable of acting quickly and without bureaucratic constraints. Swihart noted that nonprofit structures primarily focus on compliance, while startups are driven by innovation.

Market reaction to the split at Electric Coin Company was mixed. The price of ZEC fell by more than 21% to $380. However, on Friday morning, following news of the new wallet, the price rebounded to $444. Nevertheless, ZEC remains well below its historical highs — 86% below its 2016 peak ($3,191) and 38% below its 2025 high (around $700).

At the end of 2025, the Zcash cryptocurrency — whose main feature is preserving user anonymity — showed strong growth and surpassed the $500 mark. Analysts at Grayscale believe the primary reason was a sharp increase in demand for privacy-focused assets.

See also: "Bitcoin price today: steady near $91K ahead of U.S. data"

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