UK-based company Netagio has announced that it will close its bitcoin, pound, US dollar and euro exchange platforms as of today.
The news marks the start of a 30-day notice period for its customers to withdraw their funds and close their trading accounts.
Simon Hamblin, CEO of Netagio, said:
“We are immensely proud of our efforts and achievements to date while facing the reality of a stagnating market place in Europe, in an environment of regulatory and political uncertainty facing bitcoin businesses.”
He added: “As experienced board representatives we recognise when the industry winds blow in other directions and it is time to review and restructure”.
The restructuring of its current business model is anticipated to include the launch of a wealth storage business next month.
Netagio “will provide physical vault safekeeping globally, for retail and institutional investors, high-net-worth individuals and family offices”.
Hamblin said: “ Our heritage in gold and bitcoin storage puts us on the right path to work with our partners to provide highly secure, globally located vaults to fulfil our customers’ cash safekeeping needs”.
The announcement comes after Netagio exited the gold trading market in December last year, “due to weak demand”.