Bitcoin Startup 37Сoins to Shut Down Its Services

37coins has recently announced shutting down its services – 37coins and SMS Wallet.

Photo: dare yourself/Flickr

Photo: dare yourself/Flickr

The company has asked the customers to request a withdrawal of their funds that were deposited into SMS Wallet by December 30, 2015. Starting from August 11th, 37coins.com redirects to smswallet.com

As said by representatives of the company, they were unable to deliver a quality product that showed product-market fit. Besides, they have fond out that SMS delivery between different carriers in countries outside the USA is unreliable. 37coins’ team admits that the decision to cease operations and to shut down our service was difficult.

“Despite the best of intentions, we were unable to deliver a quality product that showed product-market fit,” the post on Medium website says. “We also found that SMS delivery between different carriers in countries outside the USA is unreliable.”

37coins.com was founded by three people, one is entrepreneur Songyi Lee, another two are Johann Barbie and designer Jonathan Zobro.

37coins’ SMS Wallet was launched to the world more than a year and a half ago. 37Coins was an attractive alternative to massive wallet sites like Blockchain.info and LocalBitCoins.com.

The service started off fast, received attention and gained traction since Bitcoin advocates desire a way to easily send Bitcoins to new users. Besides, 37coins and Bitcoin had the potential to bring financial products to the 2.5 billion adults that are unbanked.

At the time of the launch, few Bitcoin services actively catered to the underbanked and unbanked. Fortunately, that is no longer the case: there are now many amazing Bitcoin companies like BitGive Foundation, coins.ph and ChangeTip.

Share This article

We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Coinspeaker Ltd.