Ethereum Classic News: ETCDev, a leading development firm behind Ethereum Classic (ETC) have been struggling to raise sufficient funds in order to continue its operations and has decided to shut down immediately.
After two and a half years in operation, ETCDev faces financial issues that can in part be attributed to the current market downturn. Igor Artmanov, ETCDev’s founder and CEO, announced on Twitter that they had no choice but to shut down immediately. He elaborated that a shortage of ready cash and a drop in the value of the company’s crypto assets meant ETCDev was no longer financially secure. Artmanov said in the company’s announcement.
“As is publically known we have struggled with funding our operation in the last few weeks. This was partially due to the market crash, combined with a cash crunch in the company. We appealed to investors in the ecosystem as well as external to it. We also did the community fund, but in none of these cases were we successful in securing short-term financing.“
Unfortunately ETCDEV cannot continue to work in the current situation and has to announce shutdown of our current activities pic.twitter.com/N6xWnpBNJJ— Emerald (@getemerald) December 3, 2018