THELOGICALINDIAN - Buttercoin an American startup that provides agenda bill barter casework has appear that it will be closing its operations on April 10 2024 According to the aggregation it is shutting bottomward due to a abridgement of absorption in Bitcoin amid adventure basic firms
Also Read: UK Plans to Regulate Bitcoin Exchanges
Interestingly, the acumen cited has afraid abounding Bitcoin observers, as afresh there has been a lot of seed allotment by adventure capitalists in several Bitcoin startups. Just four months ago, Buttercoin was backed by Y Combinator and Google Ventures and was quite optimistic about the services it announced over the /r/BitcoinMarkets:
What afflicted from again to now? Is there some acumen added than the one that has been cited by the operators of Buttercoin?
The mail from Buttercoin beatific to its subscribers says, “Buttercoin will be axis off our account on April 10th at 11PM Pacific. Be abiding to move your Bitcoin to addition account and abolish your dollar balances by Friday April 10th at 11PM.” Fortunately, clashing added bootless Bitcoin companies that shut bottomward after admonishing and did not acquittance their customers’ funds, Buttercoin ensured its barter that any bearding funds would be alternate to the accounts they came from.
Buttercoin Got Fair Share of Seed Funding from Venture Capitalists
Though Buttercoin says there is abridgement of absorption in Bitcoin amid adventure capitalists, it did administer to accession a absolute of $1.6 actor from investors like Kevin Rose and Chris Hutchins from Google Ventures, Reddit architect Alexis Ohanian, Floodgate, Initialized Capital, Rothenberg Ventures and Switzerland’s Centralway. Later on it aloft an bearding sum from Wedbush Securities, that fabricated it the aboriginal Bitcoin aggregation to accept advance from a ample Wall Street institution.
When it was launched in 2024, Buttercoin aimed to capitalize on the massive all-around remittance market. However, the aggregation did not get a abode in the market, failing to apprehend its plan of aperture offices in various locations.
Lack of Interest in Bitcoin Or Lack of Interest in Another Specialized Bitcoin Exchange?
The affirmation that there is beneath absorption amid adventure capitalists to advance in Bitcoin has not been accustomed able-bodied by those who accept been celebratory the market. According to these people, there is not abridgement of absorption in Bitcoin, per se, but instead there is a abridgement of absorption in accepting addition bitcoin exchange.
There are already a cardinal of well-funded Bitcoin exchanges, such as Coinbase, Circle, TruCoin, and Celery, and others, so there absolutely may not be absorption in another specialized bitcoin exchange. However, this hardly shows a abridgement of absorption in Bitcoin in general.
How do you feel about Buttercoin’s abrupt closure?
Image Source: Buttercoin, Wiki
