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 Q3 of 2020.
- ECC received coins at a value above the operating-expense level for Q3 2020: We received coins at an average of $761,000 a month and realized approximately $553,000 a month in operating expenses. Additionally, we distributed $162,000 a month in employee incentive compensation, paid in ZEC at the Q3 price of roughly $60.47 (the average ZEC daily closing coin price during the period).
- At the end of Q3, the company held approximately $8.8M in USD and ZEC based on the September closing price of $58.25.
- 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 Q3 2020.
*Note: ECC is now a wholly owned entity of the 501(c)3 Bootstrap. As noted in the initial announcement from October 2020, ECC retains its previous structure, including management, employees, and operations. Though this will be the final ECC Transparency Report, we remain committed to transparency and will report annual financial details through IRS Form 990 moving forward.