Monday, April 6, 2015

Google-Backed Bitcoin Venture is Shutting Down

This is big.

Buttercoin, a bitcoin exchange startup backed by Y Combinator and Google Ventures, is closing its doors at the end of this month after failing to raise new investment, reports TechCrunch.

“Buttercoin will be turning off our service on April 10th at 11PM Pacific,” the company said in a note on its website. “Be sure to move your bitcoins to another service and remove your dollar balances by Friday April 10th at 11PM.”

I reported earlier this month of layoffs at Bitpay and that Bitpay will no longer sponsor what was known as the Bitpay Bowl.

Bitcoin, after suffering a tremendous price collapse, was never able to gain acceptance beyond a small group of libertarian and techie fanboys. That small group of cheerleaders was never large enough to support the price at the old $1,000 price level and we now see that it has demonstrated limited use in general commerce.


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