Dutch crypto exchange Blockport to discontinue its services
- The company is closing down due to lack of operating capital.
- The official operating body, Blockport BV, was declared bankrupt in a court in Amsterdam.
Dutch cryptocurrency exchange Blockport has been forced to shut down its services due to lack of operating capital. The company has affirmed that it will bounce back again. According to The Next Web report, the official operating body, Blockport BV, was declared bankrupt in a court in Amsterdam on May 21. Its services were discontinued at the end of May.
Co-founder and chief product officer Sebastiaan Lichter said in a post that following the exchange’s failed security token offering – which had a €1 million ($1.12 million) soft cap – “we have decided to drastically scale down our operations and development.”
Litcher wrote:
“Running our operations and platform as-is without a substantial investment is currently not an economically viable and responsible option.”
Litcher said that their current aim is on “expanding the platform with unique and value-adding technological features, that strengthen our business case for a potential future restart” as the exchange failed to produce sufficient revenues. Though the operating entity is now bankrupt, it will not hinder their efforts to prepare for a “restart” of the platform.
He added:
“We still see a lot of opportunities in this industry and have built a top performing trading platform that many people love to use and which has had almost zero downtime or issues since we launched it in the summer of 2018.”
Before shutting down, the customers were given prior warning to withdraw any remaining funds.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
