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 everyone with economic freedom and opportunity. This transparency report details company income, expenses and use of funds during Q4 of 2019.
Key takeaways:
- ECC used funds in excess of the coin value received in Q4 2019 — we received coins at an average of $410,000 a month and realized approximately $710,000 a month in operating expenses. Separately we distributed $127,800 a month in employee incentive compensation from the Founders Reward distribution, paid in ZEC at the Q4 ZEC price of roughly $33.50 (the average ZEC daily closing price during the period).
- At the end of Q4, the company held approximately $3.9M in USD and ZEC, based on the December closing price of $27.23. ECC’s holdings at the current ZEC price are approximately $7.2M in USD and ZEC.
- ECC realized expense increases during Q4, including for security work that was in process during the previous quarter and one-time expenses such as the write off of the capitalized value of the trademark. Company expenses will be lower in the following quarter as we closely controlled spending.
Click on the image below to download the full ECC Transparency Report for Q4 2019
