RATE Group | Zcash Foundation Cuts Q1 Spending 17% to $2.7 Million – ZEC Tanks 9% in 24 Hours
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Zcash Foundation Cuts Q1 Spending 17% to $2.7 Million – ZEC Tanks 9% in 24 Hours

21 Apr Zcash Foundation Cuts Q1 Spending 17% to $2.7 Million – ZEC Tanks 9% in 24 Hours

Posted at 21:26h in Bitcoin News by

Zcash Foundation Cuts Q1 Spending 17% to $2.7 Million - ZEC Tanks 9% in 24 Hours

The Zcash Foundation cut spending by 17% during the first three months of this year due to Covid-19 pressures. In its first-quarter report, the foundation said it spent only $2.68 million from an initial budget of $3.24 million.

The report says:

Our budget reduction primarily stems from cancelling Zcon2 and reduced travel expenses.

Zcash is a popular coin centered on privacy. At the end of the quarter, the Zcash Foundation held about 101,000 ZEC, 42 Bitcoin (BTC), and $4 million cash in hand, according to the report.

The coronavirus outbreak has left businesses around the world counting costs. Zcash Foundation members said the pandemic’s impact on its operations was less severe because it has always operated remotely. In this period, the foundation utilized its blockchain network to develop a privacy-preserving contact tracing app in partnership with TCN Coalition, a global group of collaborators working towards a similar purpose.

In the review period, Zcash Foundation continued to…

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