Ethereum Classic’s ETC Cooperative gets extended support from Grayscale Investments

Ethereum Classic’s ETC Cooperative gets extended support from Grayscale Investments
(Source: Unsplash)

Grayscale Investments, a cryptocurrency asset management firm, has been making quite the headway in the crypto-market lately, with the firm announcing that the Grayscale Bitcoin Trust is now a Securities and Exchanges Commission [SEC] reporting company on 21 January 2020. With the news still fresh on the table, the asset management firm has made yet another move, this time around its with regard to Ethereum Classic.

According to a press release shared with AMBCrypto, Grayscale Investments will continue to fund ETC Cooperative, a non-profit organization dedicated to the development of the Ethereum Classic ecosystem, for another two years. The announcement read,

“The ETC Cooperative today announced that Grayscale Investments have extended their generous funding of the ETC Cooperative for a further two years, through until April 2022.”

The firm will be donating one-third of the management fees charged on its Ethereum Classic Trust, which is around 3 percent, to ETC Cooperative in order to bolster the Ethereum Classic ecosystem. Grayscale Investments has donated a total of $1118000 [over one million] since 2017, with 2017’s donations being $372K, 2018’s being $408K, and 2019’s being $338K

“That regular source of income is critical to the ETC Cooperative. This extension of that financial support is a massive vote of confidence in the ETC Cooperative and in Grayscale’s belief in the huge promise of ETC”

Notably, Grayscale Investments CEO – Barry Silbert – is one of the board members of ETC Cooperative, and he is well-known in the crypto-space for his support of ETC. The firm has also been playing a key role in shaping the operations of ETC Cooperative since its launch.

The announcement also stated that the non-profit organization would witness a “position of sustainability and organizational independence” in the first quarter of 2020. It aims to achieve this on the back of streamlined governance, in-house bookkeeping, and “even greater organizational transparency.”

“ETC Cooperative recently filed its 990 form for 2018 with the IRS and a full-year transparency report for 2019 will be published by March 2020. This report will be significantly more detailed than the Mid-Year and End-of-Year transparency reports for 2018. Transparency reports will move to a quarterly cadence from that point onwards.”