Zcash backer Bootstrap says split due to clash over nonprofit rules, Zashi future
Zcash’s nonprofit backer Bootstrap said governance tensions stem from nonprofit limits on outside investment, following a split with Electric Coin Company.
Bootstrap, the nonprofit that supports the privacy-focused cryptocurrency Zcash, said a recent governance dispute that led to the departure of key board members stemmed from the legal limits nonprofits face when seeking outside investment.
The comments follow the decision by the Electric Coin Company, the main development team behind Zcash (ZEC), to separate from Bootstrap and form a new company. ECC cited concerns over what it described as “malicious governance actions,” Cointelegraph reported Thursday.
In its official response, Bootstrap said the board members engaged in discussions regarding “external investment and alternative structures to privatize” Zashi, the self-custodial crypto wallet built for private Zcash transactions.
