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Grayscale extends support to the Ethereum Classic Cooperative

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Yilun Cheng
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Asset management giant Grayscale has extended its financial support of the Ethereum Classic Cooperative (ECC) for another two years.

Created in 2017, the ECC is a public charity that directly funds development projects on the Ethereum Classic protocol, infrastructure, and related applications. Grayscale initially made a three-year funding commitment and has now pledged two additional years of support until April 2022.

Grayscale has been donating a third of its 3% fees from the Grayscale Ethereum Classic Trust to the ECC, according to a press statement shared with The Block. Up to the end of Q3 2019, the asset manager has donated over $1 million into the cooperative.

In the new year, the statement said, the ECC plans to make the organization more sustainable and independent with an updated governance structure, in-house bookkeeping, and greater transparency. It is set to publish a detailed 2019 report by March 2020 and will start pushing out transparency reports on a quarterly basis.