Zcash Open Development Lab, which Zcash devs formed after leaving Electric Coin Capital, raised funds from prominent crypto VCs.
The recently founded firm Zcash Open Development Lab (ZODL) — formed by the core developers of Zcash (ZEC) after they recently exited Electric Coin Capital — announced today, March 9, that it has secured over $25 million in seed funding to support the privacy-focused ecosystem.
A number of prominent venture capital firms and investors participated in the seed round, including Paradigm, a16z crypto, Winklevoss Capital, Coinbase Ventures, Cypherpunk Technologies, Maelstrom, Chapter One, Balaji Srinivasan, Haseeb Qureshi, and Mert.
In a separate X post today, the founder of ZODL and former CEO of ECC, Josh Swihart, explained the move, the recent organization shifts, and the org’s goals post-funding:
“ Ultimately, we intend to deliver a private, decentralized financial system as an alternative to legacy institutions. This funding allows us to bring these ambitions to life, without relying on Zcash dev fund grants to get there.”
The price of ZEC rallied nearly 10% to over $215 on the news, making it the second-best performer among the top-100 crypto assets today.
ECC to ZODL
The fundraising round marks a major milestone for the new firm, which formed after a governance dispute in January that resulted in the entire core development and leadership team at ECC leaving.
ECC’s wallet app, Zalshi — now rebranded to Zodl — was a key focus of the dispute, as ECC and the nonprofit board overseeing it, Bootstrap, disagreed about the app’s development strategy.
Under Swihart’s leadership, the former ECC team swiftly moved to form a new entity and wallet, which are effectively rebrands of ECC and Zalshi, respectively. Swihart also clarified at the time that the team had no intentions of leaving the Zcash ecosystem or its core development.
This article was generated with the assistance of AI workflows.