Developers focused on privacy with Zcash have announced their initiative to create a new wallet named cashZ. This comes shortly after their significant exit from Electric Coin Company on Wednesday, which they attribute to the desire to return to cypherpunk fundamentals and achieve faster scalability.

“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,” said Josh Swihart, the former CEO of ECC, in a post on Thursday.

The cashZ wallet is expected to come online in a few weeks, with users of the existing Zcash wallet, Zashi, able to transition smoothly. Further specifications regarding the new wallet remain undisclosed.

This transition follows a recent departure from ECC, prompted by conflicts concerning nonprofit regulations and governance issues. Swihart reassured Zcash and wallet users that the entire team dedicated to Zcash at Electric Coin Company is wholly committed to the ongoing full-stack development.

“We aren’t launching any new coins; our mission is solely to scale Zcash. However, achieving this necessitated our departure to form a new Zcash-centric firm.”

ZCash Developers Returning to Cypherpunk Origins

Swihart elaborated on the new venture’s motivations. “First, Zcash holds cypherpunk principles, necessitating an organization based on that mindset.” He emphasized that innovation requires an organization willing to act swiftly without the constraints usually present in nonprofits.

Swihart pointed out that, historically, the intersection between nonprofit foundations and tech startups has led to various complications in the crypto space.

Regarding the current state of Zcash, the token has faced a decline of over 21% since the ECC team split, with values dropping below $400. However, there was a slight recovery noted, reaching around $430 following the announcement of the new wallet. Despite the rebound, ZEC remains significantly lower than its all-time high.