Why release a transparency report?
Electric Coin Co. (ECC) is committed to openness and transparency — as we help evolve and support the Zcash digital currency, and in support of our mission to empower people with economic freedom. This transparency report details company income, expenses and use of funds during Q1 of 2020.
Key takeaways:
- ECC received coins valued in excess of the operating expenses for Q1 2020: We received coins at an average of $588,000 a month and realized approximately $520,000 a month in operating expenses. Additionally, we distributed $174,600 a month in employee incentive compensation, paid in ZEC at the Q1 price of roughly $48.05 (the average ZEC daily closing coin price during the period).
- At the end of Q1, the company held approximately $4.65M in USD and ZEC, based on the March closing price of $31.08.
- ECC realized lower expenses during Q1 2020 when compared to Q4 2019. This is a result of our efforts to reduce spending.
Click here to download the full ECC Transparency Report for Q1 2020.
