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ETCDEV, one of the leading development companies Ethereum Classic (ETC), is closing down due to lack of funding.
The announcement was made yesterday, December 3, over chirping.
Unfortunately ETCDEV can not continue working in the current situation and must announce the arrest of our current activities pic.twitter.com/N6xWnpBNJJ
– ETCDEV (@etcdev) 3 December 2018
The founder and CTO of ETCDEV, Igor Artamonov, said that the lack of financing is partly due to the collapse of the market. It seems that the company's reserves have dried up and they have struggled to get funding for their operations. For Artamonov, the group appealed to investors in the ecosystem and outside it, as well as to the community for funding, but was unsuccessful.
Prior to the announcement, a survey was conducted asking the ETC community whether it would help fund ETCDEV's work. Unfortunately, 60% of the community revealed that they would not, which led to the closure of the development company.
Ask publicly here: will the ETC community help ETCDEV by donating money from the ETC Community donation address?
– ETCDEV (@etcdev) 2 December 2018
The future of Ethereum Classic
Because of the prolonged bearish market that is going through the cryptocurrency ecosystem, many teams are forced to give up their projects or restructure. A good example is the recent Steemit case, in which the company had to lay off 70% of its staff.
Several people in the crypto community have speculated on how this announcement would have an impact on the future of Ethereum Classic, a predecessor of the well-known Ethereum. Some critics started to declare the project dead, but the team took little time to end the rumors. The team stressed that ETCDEV is not the only independent development team working on Ethereum Classic:
Ethereum Classic is not ETCDEV
Ethereum Classic is IOHK, ETC Co-op, ETC Labs, ETCDEV and a litany of volunteers.
Keep calm and build. https://t.co/J4IYvC906j
– Ethereum Classic (@eth_classic) 3 December 2018
ETC noted substantial price growth in August (peaking at $ 18.7) after the announcement that it had been accepted as a trading partner at Coinbase. According to data from CryptoCompare, ETC currently trades at $ 4.73 and drops 1.25% in the last 24 hours. It seems that the events surrounding ETCDEV have had a minimal impact on the price.
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