Zcash Open Development Lab Secures $25 Million Seed Funding for Ecosystem Development

Zcash Open Development Lab (ZODL) has raised $25 million in seed funding as it moves to expand development within the Zcash ecosystem. The round attracted several well-known investors in the digital asset sector, including Paradigm, a16z crypto, Winklevoss Capital, Coinbase Ventures, Cypherpunk Technologies, Chapter One and Maelstrom.

Individual participants in the round include technology and crypto investors such as Balaji Srinivasan, David Friedberg, Haseeb Qureshi and Mert, along with other early-stage backers.

Zodl Wallet and Zcash Infrastructure Development

The startup oversees development of the Zodl wallet, a privacy-focused application built on the codebase of the earlier Zashi wallet. The technology was originally created by engineers from Electric Coin Company before the team moved to the newly formed organization.

Since October, the wallet infrastructure has facilitated more than $600 million in ZEC swaps and contributed to significant growth in the Zcash shielded pool supply.

With the new funding, ZODL plans to recruit additional engineers and continue developing core technologies connected to the Zcash protocol and its privacy-focused blockchain ecosystem.

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