Date: 5 months ago   Category: Economy

The team of Ethereum Classic developers stopped the work due to the lack of financing

The cryptocurrency industry is in a condition of cleaning in the middle of the long bear market. ETCDEV startup, the main team of Ethereum Classic developers which began the work in 2016 fell the last victim of long falling.

Igor Artamonov, the founder and the chief technologist of department of ETCDEV, said that the group stops the activity because of lack of funds. It is known that the last several weeks we fought for financing of our project. Partially it is connected with market accident, partially - with a financial crisis in the company, - Artamonov wrote to Twitter.

Artamonov noted that several attempts to find alternative sources of short-term financing were vain.

the Message appeared in a week after the Russian software developer complained that many startups have problems with means. As all know, we have very hard times. The markets collapse and startups spend money. It is a big problem for most the companies in our space, and it, of course, bypassed ETCDEV, - Artamonov wrote in the message on Medium of November 27.

In six hours after Igor Artamonov announcement the verified account Ethereum Classic in Twitter emphasized that closing of ETCDEV will not be reflected in Ethereum Classic. Keep calm and confidence, - Ethereum Classic calls.

Is similar to bitcoin and others to virtual currencies, Ethereum Classic felt mass depreciation through the current descending trend. In turn, it led to destructive consequences in all cryptocurrency industry.

last week of Steemit - the decentralized social media platform - declared that it dismisses 70% of the workers.

Ned Scott, the founder and the chief executive officer of the Steemit company, said that bull forecasts for market indicators of the company which was kept this year earlier because of crash of the market were false. Though we increased our team in recent months, being guided by forecasts of higher level of the market. As there is no it any more, we were forced to dismiss more than 70% of employees of our organization, - Scott noted.

at the beginning of this week the biggest team of developers Efiriuma - ConsenSys declared that it carries out restructuring as a part of optimization of business in the bear cryptocurrency market.

In the corporate letter to employees the CEO of ConsenSys Joseph Lubin, the cofounder Efiriuma, noted that the group has to cut down expenses, eliminate imperfect projects and focus on creation of material cost with positive return from investments. We have to remain and, in certain cases, be restored to that condition of a startup which made us by those who we are is, - Lubin wrote.

While the industry goes through difficult times, many bulls remain optimistic, pointing that the market, as well as life



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