Grayscale Commits to Support Ethereum Classic Development for Two More Years

Michael LaVere
  • Digital asset manager Grayscale Investments has committed to funding Ethereum Classic development through 2021.
  • Grayscale has donated $1.1 million in management fees to ETC since 2017.

Digital currency asset manager Grayscale Investments has committed to financially support  the development of Ethereum Classic for at least another two years. 

According to the announcement, Grayscale will continue to donate one-third of the management fees from its Ethereum Classic Trust to the ETC Cooperative to support development through 2021. ‘

Grayscale has donated $1.1 million to the cooperative since 2017, including $338,000 in 2019 alone. The ETC Cooperative serves to fund and support development for ethereum classic. 

ETC Cooperative executive director Bob Summerwill told CoinDesk,

It is a big vote of confidence which we deeply appreciate. This funding allows us to continue our support of the ETC protocol and ecosystem. We will provide grants for key projects, as we have through 2018 and 2019.

Grayscale reportedly manages $80 million through its Ethereum Classic Trust, with the fund controlling roughly 14% of the total supply of ETC. 

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