Cryptocurrency-based payment platform is shutting down

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Posted on: April 17, 2020 5:21 pm EDT

The Amazon-led product is closing its doors after six years

Not all cryptocurrency platforms that make it to the market can survive over time. One of the first blockchain businesses offering a payment platform has just announced that it is going to close the business. After six years of service, Amazon’s issued a statement to the public yesterday in which it thanked all users for their loyalty, but added, “We’ve made the very difficult decision to dissolve the company. We’re grateful for the opportunity afforded by our supporters to build products and infrastructure for the cryptocurrency community.”

As one of the first payment processing platforms for cryptocurrencies, it launched back in 2014 to offer Amazon customers a way to buy at a discount by using Bitcoin to pay. It started back when Bitcoin’s value was only $400 and partnered up with several parties who were interested in selling their Amazon gift cards. was paired with Bitcoin buyers, making those discounts possible – Amazon shoppers were looking at 33% discounts, which is what made its defining feature. The platform stopped receiving new sign-ups as of yesterday, and order matching will be disabled on April 23; however, all ongoing orders and pending withdrawals will remain open until June 26, 2020.

The company’s statement said, “It’s been a privilege serving people all around the world. We’re thankful for our customers who used increasing Bitcoin’s utility and distribution. We’re also thankful to all the developers and companies who continue to support open-source projects including Bcoin and HSD. Thank you for helping us make crypto useful.”