Share this article
Snapcard to Shutter Bitcoin Wallet Service
Snapcard announced today it will shut down its bitcoin wallet service sometime in the next few months.
By Stan Higgins
Updated Sep 11, 2021, 1:09 p.m. Published Mar 14, 2017, 1:36 p.m.
Bitcoin startup Snapcard will close down its wallet service in the next few months, its operators said today.
In a new blog post, the startup said that it would now look to prioritize MassPay, a service launched in 2015 that uses the bitcoin blockchain as a payment rail.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
According to Snapcard, the shutdown will begin next week, during which time it will push for its users to move funds off-site. Buying and selling features will be deactivated on 20th March, with a final closure date of 1st May.
The team said in the blog post:
"We've come to a point where we need to make some decisions on our current product offering and what we're able to manage. Our Masspay product has been aligned with the value that we bring to the community and is something in which we will be investing heavily."
Advertisement
The closure comes more than two years after the startup raised $1.5m in a seed round, netting capital from a group that included Tim Draper, Blockchain Capital and startup incubator Boost VC, among others.
"We genuinely mean it when we say, it’s been a hilarious rollercoaster being part of this space as we’ve seen the price reach record highs," the team concluded in its statement.
Image via Shutterstock
More For You
Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
Top Stories
