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Grayscale extends support to the Ethereum Classic Cooperative

Yilun Cheng

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.