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The funds will be allocated to enhance the development of the Zcash (ZEC) protocol and its privacy-centric self-custodial mobile wallet, Zodl.
(Dmytro Glazunov/Unsplash/Modified by CoinDesk)
What to know:
- Zcash Open Development Lab (ZODL), a newly established entity formed by the previous core team of the Electric Coin Company (ECC), has secured over $25 million in initial funding.
- The lab was created following the resignation of the entire ECC engineering and product team in January 2026 due to a governance conflict with Bootstrap, the nonprofit board responsible for overseeing ECC.
- The financial backing will facilitate the advancement of the Zcash protocol and its privacy-centric self-custodial mobile wallet, Zodl (previously Zashi).
Zcash Open Development Lab (ZODL), a newly formed development organization by the former core team of the Electric Coin Company (ECC), has obtained over $25 million in seed funding to continue developing the privacy-oriented cryptocurrency ecosystem.
The funding round received contributions from Paradigm, a16z crypto, Winklevoss Capital, Coinbase Ventures, Cypherpunk Technologies, Chapter One, Balaji Srinivasan, and various angel investors in the crypto and technology sectors.
ZODL was established by former ECC CEO Josh Swihart. The lab came about after the complete resignation of the ECC engineering and product team in January due to a governance issue with Bootstrap, the nonprofit board overseeing ECC. The group indicated that the dispute hindered their ability to pursue their initiatives under the earlier framework.
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The team has since formed ZODL to persist in enhancing the core Zcash software and tools.
A primary focus is Zodl, a self-custodial mobile wallet previously referred to as Zashi. This application allows users to hold ZEC and conduct shielded transactions, concealing the sender, recipient, and transaction amount through zero-knowledge cryptography.
Since its introduction in 2024, the wallet has contributed to a more than 400% increase in activity within Zcash’s shielded pool, according to the project. The application has also facilitated over $600 million in ZEC swaps since October, as reported by the development team.
The new funding will assist in recruiting engineers and furthering development efforts. ZODL states it will continue its work on the Zcash protocol while creating products aimed at simplifying private digital transactions.
ECC continues to operate under Bootstrap, while the engineers who developed much of the network’s core software now function through the independent ZODL lab.
The price of ZEC has risen more than 8.8% in the past 24 hours, now trading at $215, coinciding with a broader recovery in the cryptocurrency market that has seen the CoinDesk 20 (CD20) index rise by 3% during the same timeframe.
Cypherpunk Technologies (CYPH), a digital asset treasury firm associated with the Winklevoss twins that is concentrating on ZEC, has increased by 2.7% in today’s trading session.
