Introducing OpenBazaar – a Free Decentralized Bitcoin Marketplace

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Cryptomarketplace OpenBazaar on the verge of closure due to insufficient funding
CONTENT

  • Marketplace OpenBazaar announced the closure of the project due to insufficient growth

  • Subject to funding of $ 100 thousand, the project can last for another year

  • At the start of development, OpenBazaar raised $ 4 million in investments from leading venture capital funds

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Cryptocurrency online marketplace OpenBazaar may close by the end of 2020 if users do not support the development of the project

The decentralized OpenBazaar marketplace may be closed by the end of 2020, if users do not support the development of the project financially. The administration of the service announced this in the official blog of the project.

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Everywhere and at once

According to the announcement, starting October 1, OpenBazaar will disable ancillary services, including mnemonic node generation, the service wallet API, and the exchange rate API. OpenBazaar will also remove Haven’s own social networking app from the App Store and Google Play. The developers have already urged users to withdraw funds from digital wallets on the social network.

“Unfortunately, we have not been able to achieve the level of growth required to build a sustainable business by serving OpenBazaar / Haven users,” said OpenBazaar representatives..

The developers also called on the community to help rescue the project by sending funding to BTC, ETH, LTC, BCH, or ZEC. In an interview with Decrypt, the representative stated the required minimum of $ 100 thousand.

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to maintain the ecosystem throughout 2021.

Update. An anonymous investor agreed to cover the project’s costs by the end of 2020, OpenBazaar reported.

Ineffective management

Online marketplace OpenBazaar was launched in 2014. As part of the development of the project, the developers founded OB1 with a $ 1 million venture capital investment from Union Square Ventures and Andreessen Horowitz funds..

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Two years later, the company again conducted a round of investments, raising $ 3 million.

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OpenBazaar is far from the first company founded before the 2017 crypto rush that never paid off in the long run.. Previously edited by BeInCrypto reported that one of the pioneers in the field of mass adoption of bitcoin – Purse.io, also announced the closure.

Nevertheless, the cryptocurrency market still has many paths for development..

Cryptomarketplace OpenBazaar on ...

At least that’s what Binance.US CEO Katherine Cowley thinks. In an interview with Bloomberg, Cowley stated that cryptocurrencies can still prove themselves in the segments of mortgage lending, mergers and acquisitions (M&A) as well as repatriation of foreign exchange profits.

What do you think? Share with us with your thoughts in the comments and join the discussion in our Telegram channel.

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