Due to Difficulties in Funding, Leading Ethereum Classic (ETC) Development Team Closes Operations

Some hours ago, a tweet revealed that one of the leading teams financing ETC’s development called it a quit, making reference to difficulties experienced in funding.

The tweet had a screenshot of the announcement made by Igor Artamonov, the CTO and founder of ETCDEV, where he stated that: “As is publicly known we have struggled with funding our operation in the last few weeks. This was partially due to the market crash, combined with a cash crunch in the company. We appealed to investors in the ecosystem as well as external to it. We also did the community fund, but in none of these cases were we successful in securing short-term financing.”

Ethereum Classic (ETC) Price Today – ETC / USD

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Name Price24H (%)
Ethereum Classic (ETC)
$4.29
-0.94%

What does ETCDEV Mean?

ETCDEV- short form of Ethereum Classic Development, is concerned with decentralized computing which provides long term support for the ETC blockchain. The ETCDEV team contributed genuine projects such as Emerald Wallet, Emerald, and SputnikVM, with each of them having their unique purposes.

The ETCDEV team had asked if the ETC community would help in funding operations at the development company. More than half of the community members showed their unwillingness to contribute to ETCDEV’s funding.

ETC Development Teams

The ETC development teams comprises the likes of Ethereum Commonwealth, IOHK (Gronthendieck), ETC Cooperative and ETC Labs.

Ethereum commonwealth works on several blockchain projects such as ETC and also maintains Classic Ether Wallet; IOHK is a group of well experienced engineers and developers who are science and math oriented. ETC cooperative was developed to provide financial support for the development and growth of Ethereum Classic, while ETC Labs provides for ETC projects, the necessary industry connections, funding, and office space.

Does this mean that the Road is closed for Ethereum Classic?

According to CoinMarketCap.com, ETC has dropped by 13.3% in the past 24 hours. This might be as a result of the combination of the bear market and people’s reaction to the news of the development team giving up.

On Monday, ETC traded at about $5.08, the digital asset is currently valued at $4.52.