A round-up of cryptocurrency startups reportedly are closing doors amidst the most recent price rout for Bitcoin and the broader altcoin market, starting with ETCDEV–the group behind the launch of Ethereum Classic. ETC, seventeenth in market capitalization with a value of over $400 million, announced last week that it would be closing shop following a shortage of funds and inability to raise more capital to keep the project afloat. ConsenSys, a software company based out of New York, reportedly would cut its workforce by 13 percent. Besides, in November, content publishing platform Steemit Inc. had to lay off 70 percent of its employees. Bloomberg lays the majority of the blame in projects over-extending themselves on digital assets, setting up significant losses as a result of 2018’s ongoing bear cycle. (RL)
Link:ethereumworldnews.com