Running a successful bitcoin business is not an easy task these days. Not only is it difficult to gain market traction among other competitors, but some regions require companies to obtain specific licenses. Snapcard is a service that allows users to buy bitcoin on their Snapcard Bitcoin Wallet. Unfortunately, it appears this service will come to a halt very soon, and the focus will shift to the Masspay product line.
SnapCard Will Cease Operating On May 1st
It is always a shame to see platforms facilitating bitcoin purchases go offline after a while. In some cases, platforms have disappeared overnight without offering any type of explanation. Thankfully, the Snapcard team announced their change in business model themselves, giving users every possible chance to move their funds off the platform in the coming weeks. After all, Snapcard is a bitcoin wallet first and foremost, storing a lot of funds on behalf of customers.
What made Snapcard so popular was how users could sign up for this platform as a way to buy bitcoin with a bank account. Offering an exchange and wallet service in one is a smart idea by Snapcard, and it has earned them a lot of respect from the cryptocurrency community in the process. The service was rather popular in the United States and Brazil, although it never expanded to other countries in the end.
The company lets its users know they will shut down the Snapcard service come May 1, 2017. The time has come to make business decisions based on the current product offering and how the team will manage their products. With their Masspay service gaining a lot of traction as of right now, the team feels their focus should go to that product, rather than focusing on an exchange and wallet service. It was not an easy call to make, considering there is a growing demand for competing services in both the wallet and exchange world.
For the time being, users can still access Snapcard and their accounts. It will remain possible to withdraw funds from the Snapcard platform for the next two months, albeit there will no longer be an opportunity to buy bitcoin directly through the platform. The first priority is to make sure all users move their funds to other solutions safely and quickly before the Snapcard service is halted completely
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.