Bitcoin Tipping Platform Zapchain to Shut Down

Bitcoin-based social network Zapchain has announced it will close effective 31st August.

AccessTimeIconAug 29, 2016 at 2:13 p.m. UTC
Updated Sep 11, 2021 at 12:28 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Another bitcoin-based content monetization startup has announced it will shut down.

Social network Zapchain, launched in 2014 as part of accelerator Boost VC's fourth batch of startups, has told users that it will cease services effective 31st August. The announcement comes less than a year after the startup raised $350,000 in seed funding.

The decision, made public on the company's website, marks the end of a project that was once one of bitcoin’s fastest-growing projects, and comes amid a decline in the number of consumer-facing startups seeking to launch services on the bitcoin network.

Bitcoin tipping platform ChangeTip, for example, announced it had sold its staff to Airbnb in April, and that it was searching for a buyer of its intellectual property. No details have yet been provided on whether Zapchain will seek similar sales.

Despite these challenges, however, the concept that blockchains could come to serve a vital part of content monetization lives on, most recently with the controversial success of social media platform Steemit, though it uses an alternative to the bitcoin blockchain.

Representatives from Zapchain could not be reached at press time.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.