Zcash founder announces his resignation from Electric Coin CEO post

Josh Swihart, the firm’s senior vice president of development, took his place

19.12.2023 - 12:25

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2 min

What’s new? Zooko Wilcox, the co-founder of the company developing anonymous cryptocurrency Zcash (ZEC), Electric Coin Company (ECC), has stepped down as CEO. His place was taken by Josh Swihart, the firm’s senior vice president of development. Wilcox himself, meanwhile, will remain as a director of the board of Bootstrap Project, ECC’s parent company.

Wilcox’s blog

What else is known? Wilcox stated that he has spent the last eight years constantly working with the team to develop Zcash and together they have created a technology of economic freedom for the Internet that has been adopted by countless people from around the world.

Wilcox also emphasized that privacy is for everyone and is the norm, and new CEO Swihart also shares these values.

The ECC co-founder added that he will continue to be involved in the development of Zcash.

The Zcash payment system was launched in October 2016. Its users can make both regular transparent payments and anonymous payments, with confidentiality for both sides of the transaction ensured by the zero-knowledge (ZK) protocol. Last April, former CIA and NSA official Edward Snowden revealed his involvement in the launch of the project.

As of 11:30 UTC, ZEC ranks 139th in the cryptocurrency ranking with a capitalization of $416 million and is trading at $28,7 on Binance, having added 1,85% overnight while losing 7,8% over the week, according to data from the CoinGecko aggregator.

In February, Dubai regulator VARA banned the issuance of anonymous cryptocurrencies, including Zcash. In June and September, Binance delisted all such assets for users in France, Italy, Spain, Poland, and Belgium due to local legal requirements.

In November, EU lawmakers began considering a complete ban on anonymous crypto transactions due to the growing risks of terrorist financing.

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