Electric Coin Company, the firm behind privacy-centric cryptocurrency Zcash, reported financial losses in Q1 2019.According to the Q3 2019 report published on Aug. 29, the firm operated at an average monthly deficit of $186,000 during the first quarter of the year.
Operating at a lossThe company reportedly was receiving 6,157 ZEC per month and 2,000 ZEC for employee compensation.
Considering the average coin price during that time frame, it is equivalent to about $449,000.
"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."
Electric Coin Company CEO and Zcash co-founder Zooko Wilcox discussed the possibility of the ZEC development fund renewal in a letter published in July.
As Cointelegraph reported, United Kingdom-based customers of Coinbase are being informed that the exchange will be dropping support for the privacy-focused Zcash.
Company Behind Zcash Reports Losses in Q1 2019
Published on Sep 1, 2019
by Cointele | Published on Coinage
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