Bitcoin Startup Purse to Shut Down After 6-Year Run

Bitcoin shopping startup Purse will shut down after six years in the space, according to an email sent to customers Thursday and confirmed by CoinDesk.

Apr 16, 2020 at 8:01 p.m. UTC
Updated Sep 14, 2021 at 8:30 a.m. UTC

Bitcoin startup Purse will shut down after six years in the space, according to an email sent to customers Thursday and confirmed by CoinDesk.

“We’ve made the very difficult decision to dissolve the company,” the email states. “We’re grateful for the opportunity afforded by our supporters to build products and infrastructure for the cryptocurrency community.”

Purse offered discounts of up to 5 percent at Amazon by connecting Amazon gift card holders and cryptocurrency investors. Users could buy gift cards at discounted rates using bitcoin or bitcoin cash, according to Purse’s website.

“It was a business decision, nothing funky going on,” Purse support manager Eduardo Gómez said in a Twitter DM. Purse will disclose more information in a forthcoming blog post, he added.

Purse will continue to facilitate services until June 26 but signups will cease Thursday. Additionally, the startup’s “Shop and Earn” functionality will be disabled next week on April 23 and open orders that have not been matched will be canceled, the email states.

As CoinDesk previously reported, Purse was once an active developer in the Bitcoin community. The firm proposed a third scaling solution called “extension blocks” during the 2017 debates that spawned Bitcoin Cash. The extension blocks specification was never adopted, however.

Gómez said the decision to wind down the company was not related to the recent move by Amazon to slash commissions on its affiliate program.

UPDATE (April 13, 1:00 UTC): A previous version of this article mislabeled Purses scaling solution. The article has been updated to reflect the change.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
Crypto Wallet BitKeep Raises $15M at $100M Valuation

Dragonfly Capital led the round, which will fund a cross-chain DAO for wallet users.

Dragonfly Capital led the round, which will fund a cross-chain DAO for wallet users.

2
SEC’s Gensler Uses Crypto Oversight Needs as Case for Higher Budget

SEC Chair Gary Gensler told U.S. House budget appropriators that he’d like to be doing more to protect crypto investors.

SEC Chair Gary Gensler told U.S. House budget appropriators that he’d like to be doing more to protect crypto investors.

3
Mike Novogratz Ends Twitter Silence, Shares Take on UST/LUNA Crash

The Galaxy Digital CEO confirmed that his company had been taking profits on its Terra holdings this year.

The Galaxy Digital CEO confirmed that his company had been taking profits on its Terra holdings this year.

4
Chainalysis Reveals ‘Storyline’ Product to Follow the Money in Crypto Crime

“You have an entire investigation that tells the entire story of what happened,” Chief Scientist Jacob Illum said.

“You have an entire investigation that tells the entire story of what happened,” Chief Scientist Jacob Illum said.