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Bitcoin Startup 37Сoins to Shut Down Its Services

| Updated
by Zhanna Lyasota · 2 min read
Bitcoin Startup 37Сoins to Shut Down Its Services
Photo: dare yourself/Flickr

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

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.

Bitcoin News, Cryptocurrency news, Editor's Choice, News
Zhanna Lyasota

Zhanna has a background working for an American multinational food and beverage company as well as at a number of translation agencies serving similar top multinational corporations. She enjoys discovering new cultures as well as learning new languages. She is also a lover of all things fabric and floral ,especially if they are design-related. Zhanna is a graduate of Belarusian State Economic University with a major in Intercultural Business Communications.

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