The development team behind Zcash has separated from Bootstrap, the nonprofit organization created to support the privacy coin, with plans to establish a new company.
The entire Electric Coin Company staff departed after what CEO Josh Swihart described as employment terms that prevented effective work.
What Happened: Team Departure
Swihart announced Wednesday that the split stemmed from disagreements with Bootstrap board members Zaki Manian, Christina Garman, Alan Fairless and Michelle Lai.
He said these board members moved into "clear misalignment with the mission of Zcash." The team plans to launch a new firm while maintaining the same objective of building private digital currency.
Bootstrap board members changed employment terms in ways that made it impossible for the team to perform duties effectively, according to Swihart.
He characterized the departure as protection against governance actions that conflicted with Electric Coin Company's original mission.
The Zcash protocol remains unaffected by the organizational changes, as the code is open-source and not owned by any single entity.
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Why It Matters: Protocol Independence
Former Electric Coin Company CEO Zooko Wilcox, who transferred leadership to Swihart in 2023, said he has worked with Fairless, Manian and Garman for over 10 years through difficult situations, and with Lai for approximately five years, describing all as people of "exceptionally high integrity."
Zcash traded at approximately $461 on Wednesday, down nearly 7% in the previous 24 hours.
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