Although the electronic company ZCash, which is a profit-making company supporting the development of the Zcash cryptocurrency, was unable to avoid the hardships of the bear market, it still managed to retain its workforce. .
Great financial losses recorded
Concerned about transparency, the company has just published its activity report for the first quarter of the year, according to which the company would have recorded an average monthly deficit of 30%.
It would have achieved a monthly turnover of 449,000 dollars against an average expenditure of 635,000 dollars.
However, although it had to run deficits, ECC was able to save its employees from redundancy, by reducing costs in a number of non-critical areas or by carrying forward some of its activities.
Zooko Wilcox, the CEO of ECC and co-founder of Zcash, would have congratulated the company for having achieved the feat of navigating the bear market without having to reduce its workforce, which has been the case for many companies in the sector.
ECC changes procedure
Previously, the company applied asset dilution, ie the distribution of dividends from Zcash mining among miners, Zcash Foundation, ECC, some of the founders as well as employees.
But in order to support the financial viability of the company, 80% of the shares go exclusively to minors. With an average of $ 55 per token, the ECC would have raised $ 336,900 per month in the first quarter.
However, it is possible that the company will see its development fund dry up in October of next year, which is why the company’s CEO called on the Zcash community to build a new one. development fund.
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