Bitcoin services startup Coinkite has announced that it will soon be dropping its popular and secure bitcoin web wallets, Tor access to users as well as their API in order to focus on hardware-based bitcoin products and services.
The phase out from its current roster of services including its web wallet will play out over the next 30 days, Coinkite announced in a blog post today.
The company insists that it is moving on to the “next phase” of Coinkite, one which does not involve the web wallet service offered to its customers who include individuals and businesses. In its blog post, Coinkite adds that it remains big proponents of the cryptocurrency and its applications while noting that the company is only moving away from the software realm of Bitcoin services.
The revelation offers clear insight into the decision taken by Coinkite, citing state-sponsored threat actors and DDoS attackers who have been targeting the company ever since its launch over three years ago.
An excerpt from the blog explaining Coinkite’s decision to stop its web wallet reads:
Being a centralized bitcoin service does attract attention from state actors and other well-funded pains in the butt, and as a matter of fact, we’ve been under DDoS since the first month we launched – over three years – yay.
Plus, we have put real fiat dollars into our lawyers’ pockets, to defend our custoemrs from their own governments. This is not what we love to do, which is coding and delivering awesome services.
Coinkite was one of the earliest developers of bitcoin services and developer tools, having been founded in 2012. The service was launched the following year. In 2014, Coinkite launched multi-signature wallets. In the same year, the company expanded its multiple signature service for up to 15 members. The same year […]
