Google Ventures-backed Bitcoin trading site Buttercoin is shutting down this week
THE NEXT WEB: US-based Bitcoin trading platform Buttercoin is shutting down its service on April 10, due to a lack of investor interest.
Buttercoin was backed by Google Ventures and startup incubation program Y Combinator. It said in a statement:
“With the dip in Bitcoin interest among Silicon Valley investors, we weren’t able to generate enough venture capital interest to continue funding Buttercoin”.
Buttercoin remains completely solvent and will allow its users to transfer all their currency to other services until the deadline of April 10, after which all Bitcoin balances will be converted to USD and returned to the banks linked to customers’ accounts.
While Buttercoin’s decision to shut up shop is bad news for Bitcoin but others continue to invest in the cryptocurrency. Coinbase launched the country’s first Bitcoin exchange in January, and the Winklevoss twins are working on opening another too.
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