Ethereum Classic (ETC) Development Team Shuts Down Citing Lack of Sufficient Funds

Ethereum Classic (ETC) Development Team Shuts Down Citing Lack of Sufficient Funds

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December 4, 2018 by Sandra Onyeiwu
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A leading development firm behind Ethereum Classic (ETC) will be shutting down immediately. 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, founder and CTO
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A leading development firm behind Ethereum Classic (ETC) will be shutting down immediately. 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, founder and CTO of the development company, argued that funding operations were no longer possible due to the market crash and a cash crunch in the company.

“Unfortunately ETCDEV cannot continue to work in the current situation and has to announce the shutdown of our current activities,” it says.

“We appealed to investors in the ecosystem as well as to external to it. We also did the community fund. But in no one of those cases we were successful in securing the short-term financing.,” they complained.

The announcement sparked at first some negative reactions from the Twitter crypto community, as some seemed to think that ETCDEV is an indispensable part for Ethereum Classic.

The ETC Development team is responsible for the following functions in the Ethereum Classic ecosystem.

ETCDEV is a leading Ethereum Classic development company with a strong focus on decentralized computing providing long-term support for the ETC blockchain.

The ETCDEV team maintains Classic Geth, the main client for the ETC blockchain. We also contributed original projects, such as Emerald to help others develop on the ETC blockchain, Emerald Wallet for end users, and SputnikVM as a standalone, modular, embeddable and IoT ready EVM.

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