Blockchain technology startup Chain has announced it will be shutting down its free bitcoin API service at the end of this year.
Chain – which raised $30m with support from Visa in September – revealed the news in a email to users yesterday wherein Adam Ludwin, its co-founder and CEO, said it would no longer offer the product as of 31st December.
In his remarks, Ludwin noted that the move is part of Chain’s pivot from an API services provider for bitcoin services to a digital asset issuance partner for enterprise financial incumbents such as First Data, Nasdaq and Visa.
“As most of you know, over the last year, Chain’s focus has shifted to enabling financial institutions to issue and manage digital assets on blockchain networks. As we move into 2016, we will be folding our bitcoin capabilities into this enterprise platform. We will no longer support free projects on the bitcoin network.”
Ludwin told CoinDesk that Chain is working to migrate its existing clients off of its API, and said the company would not cut off services until all its customers were “taken care of”.
In statements, he added that he believes former Chain customers will have no shortage of options for new providers.
“The bitcoin industry has matured a great deal and there are many services available to absorb apps previously running on Chain’s free tier,” he concluded.
Faucet image via Shutterstock