A leading development firm behind Ethereum Classic (ETC) was shut down on Monday. ETCDev had struggled to raise sufficient funds in order to continue its operations. The company, which had been in operation for two and a half years, said its financing issues partly stemmed from the crypto market downturn.
Igor Artamonov, ETCDev’s founder and CEO, said on Twitter yesterday that they had no choice but to shut down immediately. A shortage of ready cash and a drop in the value of the company’s crypto assets meant ETCDev was no longer financially secure. The company had appealed to members of the community, as well as external investors, for additional funding but there was not enough to meet its short-term needs.
It is worth noting that ETCDEV was the main, but not the only team of Ethereum Classic developers. IOHK Grothendieck continues to support the cryptocurrency. ETC Cooperative and Ethereum Classic Labs are also functioning.
At press time, ETC is trading at $4,65 (-7,50%), according to CoinMarketCap.