Zcash Foundation Releases Q1 Report: A 17% Cut In Spending

The Zcash Foundation releases its Q1 report, showing that they recently cut spending by 17% because of the COVID-19 pressure. The cut was made during the first three months of this year due to the lockdown – but in the first quarter report, we can see that the foundation said that it spent only $2.68 million from an initial budget of $3.24 million.

“Our budget reduction primarily stems from cancelling Zcon2 and reduced travel expenses,” the report reads.

As you probably know from the altcoin news on our website so far, Zcash (ZEC) is a popular coin that is centered on privacy. At the end of this quarter, the Zcash Foundation releases a report where it shows that it held about 101,000 ZEC, 42 Bitcoin (BTC) as well as million in cash in hand.
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The report also shows that the coronavirus outbreak left businesses around the world counting costs. The Zcash Foundation members said that this pandemic and its impact on the operations was less severe because it has always operated remotely. In this period, the foundation used its blockchain network to develop a privacy-preserving contract tracing app directly in partnership with TCN Coalition, which is a global group of collaborators that works towards a similar purpose.

In the review period, the Zcash Foundation continued to work on Zebra, which is the consensus-compatible node client. The NU3 hard activtion was rolled back to July from April, says the report. This version of the wallet enables new Zcash users to shield their ZEC tokens almost immediately.

As the Zcash Foundation releases the Q1 2020 report, we can also see an update on designing a Zcash-Cosmos pegzone. The partners are apparently publishing a concrete roadmap about this project during the second quarter of this year.

Currently, the price of Zcash (ZEC) on the market is trading at $43.88 with a 4.14% increase on the day. However, what is worth noting is that the coin tanked more than 37% in the past 52 weeks, and its market cap shed around $378 million.

The impact of COVID-19 on some cryptocurrency businesses has been dramatic. The Zcash news are proof for that – but hopefully, we could see a recovery in ZEC in the near future.