Bitcoin remittance startup 37coins announces bankruptcy

Bitcoin remittance startup 37coins has shut down.

In a blog post, the company said it is shutting down its services and SMS-based wallets. However, users will have until December 30 to withdraw their balances. More information on the withdrawal process can be found here .

The closure marks the end of a period that saw the company participate in Plug and Play’s group of bitcoin startups. 37coins aimed to use low-cost mobile phone technology to make transactions cheaper, but according to team sources, development encountered resistance that ultimately proved insurmountable.

The blog explains:

"Despite our good intentions, we were unable to demonstrate that this was a high-quality product. We also discovered that text messaging between different carriers in countries outside the United States was unreliable. Ultimately, our original goals proved impossible to achieve."

37coins also mentioned the growing focus of the Bitcoin project and thanked those who support the project.