Bitcoin remittance startup 37coins is closing its doors.
The closure marks the end of a process that saw the startup take part in Plug and Play's bitcoin startup group. 37coins aimed to use low-cost cell phone technology as a means to enable cheap transactions, but according to the team, development ran into headwinds that ultimately proved insurmountable.
The post explained:
37coins also cited the growing focus of bitcoin projects that target the underbanked, and concluded by thanking those who had supported the project.
"It has been a privilege getting to know all the bitcoin supporters around the world and to work together toward a fair and balanced financial system," the team wrote. "Thank you for being such passionate supporters."
37coins did not immediately respond to a request for comment.
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