Zcash Devs Raise $25M From Major VCs After ECC Split
Cointelegraph
Zcash Open Development Lab (ZODL) raised $25 million from major VCs like a16z Crypto and Coinbase Ventures after splitting from ECC.Summary
The development team that left Electric Coin Company (ECC) in January to form the Zcash Open Development Lab (ZODL) has successfully raised over $25 million in a funding round. Major investors included a16z Crypto, Coinbase Ventures, Paradigm, Winklevoss Capital, and others. ZODL, founded by former ECC CEO Josh Swihart, plans to use the funds to expand its engineering team to continue building the self-custodial Zodl wallet, which is crucial infrastructure for the Zcash ecosystem. The split from ECC occurred due to disputes with the overseeing nonprofit, Bootstrap, regarding the functioning of Zcash as a privacy protocol. Following the funding news, the Zcash token (ZEC) saw a price increase.
(Source：Cointelegraph)