The technical firm behind privacy cryptocurrency zcash (ZEC) is transitioning to a non-profit, called the Bootstrap Project, after a majority of shareholders elected to donate their holdings in the company.
“A majority of the investors and owners have informed us of their generous willingness to do this in support of our shared mission to empower everyone with economic freedom,” the Electric Coin Company (ECC) said in a blog post.
The stockholders’ donation comes as international governments have looked increasingly askance at encryption-backed technologies such as privacy coins and wallets.
The ECC will continue operating under the same business structure, with Bootstrap acting as an umbrella firm of sorts. Bootstrap will be helmed, at least initially, by the ECC’s board of directors, zcash creator and ECC CEO Zooko Wilcox said in a Friday phone interview. The Zcash network is maintained by the ECC, independent developers and the Zcash Foundation.
A date for the ECC’s donation