Cryptofacil reaches a tough decision: it’s closing down

Cryptofacil Reaches A Tough Decision: It's Closing Down Cryptofacil Reaches A Tough Decision: It's Closing Down
cryptofacil reaches a tough decision: it’s closing down

Keep up to Date with Latin American VC, Startups News

[wd_hustle id=”InArticleOptin” type=”embedded”/]

Contxto – Startups rise and phase out of existence often without our noticing. It makes sense: Some just want to fade into the background. But most can’t afford the luxury of a quiet goodbye because they have to let their customers, users, and investors know.

Such is the case of Uruguayan crypto exchange platform, Cryptofacil. The startup has announced that its operations will end on March 15, 2020.

Related article: Why is Latin America the most crypto-friendly region in the world?

What happened?

Cryptofacil began operations in March of 2018. In July of that same year, the startup announced a partnership with Bittrex, a major cryptocurrency exchange from the US. At the time, Cryptofacil’s objective was to cover more ground (and cryptocurrencies) in Latin America using its ally’s robust blockchain trading platform. 

As a result, over 270 digital tokens would be hosted on Cryptofacil.

No doubt this was the startup’s big bet on differentiating itself from other cryptocurrency platforms in Latin America.

Trouble is, sources report that the exchange wasn’t launched until March of 2019. Besides this delay, from what I’ve seen, it appears there was another obstacle: getting more people on board with crypto trading.

To resolve this issue, the startup carried out Bitcoin giveaways during its two-year run. Moreover, it didn’t charge users its transaction fee for an entire month, coincidentally in March of 2019. Perhaps it was an attempt at saying; “It’s here! All the tokens we’ve promised are here.”

But, unfortunately, it may have proven too little too late.

Best of luck to the Cryptofacil team. It’s not an easy decision to make and handle thereafter.

Related article: Mexico’s Central Bank hinders crypto exchanges following new legislation

What Cryptofacil’s closing means for users

For any of you that are reading this and you happen to have an account on the platform, keep the following in mind:

  • Deposits will no longer be accepted.
  • Withdraw funds as soon as possible (it comes with a transaction fee).
  • Download your transaction record without delay.

After the deadline, users can shoot an email to [email protected] for further assistance.

Related articles: Tech and startups from Uruguay!


Keep up to Date with Latin American VC, Startups News