Electric Coin Company (ECC), the firm behind privacy-centric cryptocurrency Zcash (ZEC), 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 loss
The 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 firm’s monthly expenses, on the other hand, were “approximately $635,000 including employee compensation paid in ZEC at the Q1 [...] price of roughly $55.” Still, ECC’s overall holdings ended up increasing:
“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.”
The ECC is looking for funds
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.