Zcash devs raise $25M from major VCs months after ECC split
The Zcash token rose 4.1% to $217.80 on news of the $25 million funding round and is now up 9.8% over the last 24 hours.
The development team that left Electric Coin Company in January to launch Zcash Open Development Lab (ZODL) has raised over $25 million from the likes of a16z Crypto and Coinbase Ventures to continue building the privacy-focused, self-custodial Zodl wallet.
ZODL was founded by former ECC CEO Josh Swihart and includes the entire engineering and product team that previously worked on the Zodl wallet at ECC. They resigned due to disputes with Bootstrap, the nonprofit that oversees ECC, over how Zcash should function as a privacy protocol.
ZODL said in an X post on Monday that crypto-focused investment firms Paradigm, Winklevoss Capital, Cypherpunk Technologies, Maelstrom, and Chapter One were among the other participants in the $25 million funding round.