Company Behind Zcash Reports Losses in Q1 2019

Electrical Coin Firm (ECC), the agency behind privacy-centric cryptocurrency Zcash (ZEC), reported monetary losses in Q1 2019.

In response to the Q3 2019 report printed on Aug. 29, the agency operated at a mean month-to-month deficit of $186,000 in the course of the first quarter of the 12 months.

Working at a loss

The corporate reportedly was receiving 6,157 ZEC per thirty days and a couple of,000 ZEC for worker compensation. Contemplating the common coin value throughout that timeframe, it’s equal to about $449,000. The agency’s month-to-month bills, then again, had been “roughly $635,000 together with worker compensation paid in ZEC on the Q1 […] value of roughly $55.” Nonetheless, ECC’s total holdings ended up rising:

“The corporate’s first quarter ending quantity of USD and Zcash was roughly $5.2M. The corporate at the moment holds roughly $6.4M price of USD and Zcash.”

The ECC is on the lookout for funds

Electrical Coin Firm CEO and Zcash co-founder Zooko Wilcox mentioned the potential of the ZEC growth fund renewal in a letter printed in July. 

As Cointelegraph reported, United Kingdom-based prospects of Coinbase are being knowledgeable that the change can be dropping assist for the privacy-focused Zcash.

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