TechFlow news, January 21 — According to DLNews, Gemini exchange founders Tyler and Cameron Winklevoss donated $1.2 million to Shielded Labs, an independent development organization for the privacy coin Zcash, to enhance the security, sustainability, and scalability of the Zcash blockchain.
The donation comes amid significant upheaval in the Zcash development ecosystem, following the sudden resignation on January 8 of the entire development team at Electric Coin Company—the primary Zcash development entity—due to governance disagreements. As a result, ZEC, Zcash’s native token, has plunged sharply and is now trading around $365, reaching its lowest level since December.
Shielded Labs, an independent Swiss organization separate from the Zcash Development Fund, will use the funds to support core initiatives including network sustainability mechanisms, the Crosslink hybrid consensus layer, and a dynamic fee system. This marks the second time the Winklevoss brothers have provided financial support to the organization.
