Zcash developers who left Electric Coin Company on Wednesday said they are building a new cashZ wallet for Zcash, less than a day after their departure.
Former Electric Coin Company CEO Josh Swihart said late Thursday that the team that built the Zashi wallet will release the cashZ wallet in a “few weeks.”
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He also said Zashi users will be able to migrate to cashZ “seamlessly.”
Swihart said the group will keep working on Zcash development. “The team from the Electric Coin Company that launched Zcash, and created the Zashi wallet, is now launching a new wallet for Zcash, using the same Zashi codebase we built,” he wrote.
He added, “We aren’t launching any new coins, we’re just scaling Zcash. To do that, it required that we leave and start a new Zcash-focused company.”
The cashZ wallet website said more than 3,800 people have already signed up for the new wallet. Cashz.org showed that figure as the source.
cashZ wallet uses Zashi wallet code after Electric Coin Company exit
Swihart said the cashZ wallet will use the Zashi codebase the team already built inside Electric Coin Company. He did not share more product details. However, he said the wallet will arrive in a “few weeks.”
The team framed the move as a Zcash-only effort. Swihart said the group will not launch a new token. Instead, he said the team will focus on Zcash development and scaling.
He also tried to reduce uncertainty for existing users. Swihart said Zashi wallet users will be able to move to the cashZ wallet without friction. He described the migration as “seamless.”
Zcash developers cite cypherpunk principles and startup speed
On the cashZ wallet website, Swihart listed reasons for leaving Electric Coin Company and forming a new firm.
“First, Zcash is cypherpunk, and we need an organization built around that understanding,” he said. He tied that point to cypherpunk principles and Zcash privacy.
He also described an alignment issue. Swihart argued that privacy in crypto should be treated as normal, like privacy with physical cash. Then he said the work needs speed and fewer internal constraints.
Swihart contrasted nonprofit and startup approaches. “Nonprofits focus on rule-following while startups focus on innovation,” he said.
He also wrote, “Anyone who’s been in crypto more than a few years knows that the entanglement of nonprofit foundations and tech startups has been the cause of endless drama.”
ZEC price drops 21%, then rebounds near $430 after cashZ wallet news
The report said ZEC price fell more than 21% after the internal upheaval. It also said ZEC dropped below $400 on Thursday.
After the cashZ wallet announcement, the report said ZEC price recovered slightly in early trading on Friday. It moved back to about $430 during that session.
The report also compared the move to older levels. It said ZEC remains down 86% from its 2016 all-time high of $3,191. It also said ZEC is down 38% from its 2025 high of just under $700, citing CoinGecko.
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Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: January 9, 2026 • 🕓 Last updated: January 9, 2026
