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 Q2 of 2020.
- ECC received coins valued slightly less than the operating-expense level for Q2 2020: We received coins at an average of $563,000 a month and realized approximately $582,000 a month in operating expenses. Additionally, we distributed $167,000 a month in employee incentive compensation, paid in ZEC at the Q2 price of roughly $46.03 (the average ZEC daily closing coin price during the period).
- At the end of Q2, the company held approximately $7.1M in USD and ZEC based on the June closing price of $51.58.
- During Q2, ECC received a grant for Halo research in the amount of $120,000 from the Ethereum Foundation. Expenses incurred during the period associated with this grant are included in the operating expenses shown above.
Click here to download the full ECC Transparency Report for Q2 2020.