RATE Group | Bitcoin market crash leaves graveyard of startups
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Bitcoin market crash leaves graveyard of startups

07 Dec Bitcoin market crash leaves graveyard of startups

Posted at 01:18h in Bitcoin News by

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The plunge in the cryptocurrency market is weighing on the software-development community that spawned over 1,000 digital coins amid dreams of independence from traditional financial systems and instant wealth.

More: Auckland bitcoin startup scores $315K govt grant

ETCDEV, the startup that led development on Ethereum Classic, which is among the top 20 coins with a market capitalisation of about US$400 million (NZ$581 million), announced this week that it’s shuttering operations due to a funding crunch. ConsenSys, one of the largest crypto-related software startups based in New York, said it’s planning a reorganisation.

Many of the companies are suffering because they kept a portion of their funds in digital assets, whether in tokens they sold through initial coin offerings or in Bitcoin and Ether, which served as the preferred means of exchange in the crypto world. As prices collapsed this year by more than 90 per cent in some cases, and their so-called digital wallets thinned…

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