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Electric Coin Company (ECC), the firm behind privacy-centric cryptocurrency Zcash (ZEC), reported financial losses in Q1 2019. According to the recently published report, the firm operated at an average monthly deficit of $186,000 during the first quarter of the year.
The company reportedly was receiving 6,157 ZEC per month and 2,000 ZEC for employee compensation. Considering the average coin price during that time frame, it is equivalent to about $449,000. The firm’s monthly expenses, on the other hand, were “approximately $635,000 including employee compensation paid in ZEC at the Q1 [...] price of roughly $55.” Still, ECC’s overall holdings ended up increasing:
“The company’s first quarter ending amount of USD and Zcash was approximately $5.2M. The company currently holds approximately $6.4M worth of USD and Zcash.”
Previously, Electric Coin Company CEO and Zcash co-founder Zooko WILCOX discussed the possibility of the ZEC development fund renewal in a letter published in July.
Image courtesy: Bitcoin Exchange Guide
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