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Ethereum Classic Developers Went Bust

ethereum classic

A team of cryptocurrency developers Ethereum Classic (ETC) ETCDEV announced about operation stopping due to lack of funding. For the past few weeks, the company has unsuccessfully tried to attract the attention of investors and receive the necessary funds.

The co-founder of ETCDEV, Igor Artamonov, has announced:

"We were unable to raise the necessary amount of money. This is partly due to the collapse of the cryptocurrency market. We turned to the investors and the Ethereum Classic crypto community to receive short-term financing, but our efforts were not successful."

The ETCDEV team has been developing several projects on the ETC blockchain:

  • Classic Geth client;
  • Emerald Wallet cryptocurrency wallet;
  • SputnikVM virtual machine.

4 main development teams continue to work on the Ethereum Classic blockchain at the moment:

  • IOHK. The main product is a program for managing financial assets Mantis.
  • ETC Labs. Supports blockchain startups that operate on the ETC network.
  • ETC Cooperative. He is engaged in financing projects in the ETC blockchain aimed at developing infrastructure, marketing and the community.
  • Ethereum Commowealth. Enables the operation of the cryptocurrency wallet ClassicEtherWallet.

There Are A Difficult Times For Ethereum Classic

Over the past day, Ethereum Classic rate has decreased by 6.34%. On Monday, 1 ETC cost $ 5.08, today the cryptocurrency fell to $ 4.71. In terms of market capitalization, Ethereum Classic ranks 17th, however, the daily trading volume is a very impressive figure - $ 217 million. For comparison: the trading volume of Stellar (4th place by capitalization) $ 81 million, Bitcoin cash (5th place by capitalization) $ 75 million.