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 Q2 of 2019.
- As a result of a budget deficit and some market uncertainty, ECC approached Founders Reward recipients to request dilution. This would allow additional funds to be allocated to ECC, for continued operations and investment in Zcash R&D, engineering, regulatory engagement, adoption and demand generation. The dilution was approved and was implemented in June. Details of ECC activities for the quarter are provided within this report.
- ECC received approximately $634,000 per month in April and May and $1,110,000 in June, based on the average closing coin price of $78.
- At the end of Q2, the company held approximately $7.35M in USD and ZEC. Primarily due to the decline in the price of ZEC since the end of June, ECC’s current holdings are approximately $4.4M in USD and ZEC.