Ethereum Classic Development Team Shutting Down
ETCDEV, a leading development firm behind Ethereum Classic (ETC), is shutting down due to financial problems. The team has announced it via the company’s Twitter account.
The company, which had been in operation for two and a half years, said its financing issues partly stemmed from the crypto market downturn.
On December 2nd, the team at ETCDEV had asked the ETC community if they would be willing to help fund operations at the development company. 59% of a total of 692 community members responded that they would NOT contribute to fund ETCDEV.
For the developers, this was a huge downfall since there was a huge drop in the company’s assets. This, in turn, led to the company not able to run new projects nor develop old ones like the Emerald Wallet, Classic Geth (Network ETC) and SputnikVM.
It is noteworthy that the company has been losing its price value as well as the market cap for the last couple of months. Its value slipped from $16.50 per coin to $4.62 per coin. More than 50 % of ETC’s value flushed across November during the market downtrend.
ETCDEV is one of many Ethereum Classic development teams. There is also, IOHK (Grothendieck), Ethereum Commonwealth, ETC Labs and ETC Cooperative.