Zooko Wilcox, co-founder of Electric Coin Co., which develops the privacy-focused cryptocurrency Zcash, has stepped down as chief executive.
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His seat was taken by Josh Swihart, Senior Vice President, Development at Electric Coin. Meanwhile, Wilcox will remain on the board of directors of the Bootstrap Project, ECC’s parent company.
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In a blog post, he explained that the move would benefit the company in the long term.
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“The role of Zcash in the history of humanity is and will be far greater than the role of any single person,” wrote Wilcox.
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Swihart has been with ECC since 2018, initially as Director of Marketing, and then as Senior Vice President, Development.
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“Although Josh and I often disagreed about how we should do things, we never disagreed about why. We share the mission of delivering irrevocable, sovereign economic freedom into the hands of every person on earth,” added Zooko Wilcox.
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In light of the news, Zcash’s price over the last 24 hours fell 5.9% to $28.46, but as of writing had recovered to $29.18.
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Earlier in October, the Zcash team marked seven years since the launch of the mainnet.
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