Snapcard to Shutter Bitcoin Wallet Service

Snapcard announced today it will shut down its bitcoin wallet service sometime in the next few months.

Mar 14, 2017 at 1:36 p.m. UTC
Updated Sep 11, 2021 at 1:09 p.m. UTC

Bitcoin startup Snapcard will close down its wallet service in the next few months, its operators said today.

In a new blog post, the startup said that it would now look to prioritize MassPay, a service launched in 2015 that uses the bitcoin blockchain as a payment rail.

According to Snapcard, the shutdown will begin next week, during which time it will push for its users to move funds off-site. Buying and selling features will be deactivated on 20th March, with a final closure date of 1st May.

The team said in the blog post:

"We've come to a point where we need to make some decisions on our current product offering and what we're able to manage. Our Masspay product has been aligned with the value that we bring to the community and is something in which we will be investing heavily."

The closure comes more than two years after the startup raised $1.5m in a seed round, netting capital from a group that included Tim Draper, Blockchain Capital and startup incubator Boost VC, among others.

"We genuinely mean it when we say, it’s been a hilarious rollercoaster being part of this space as we’ve seen the price reach record highs," the team concluded in its statement.

Image via Shutterstock

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