4 Bitcoin Startups That Shut Down

Despite many companies that successfully made it on the crypto market, others weren’t that lucky.
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Some of the companies that were Bitcoin-based reported they were shutting down. There are plenty of reasons why that might be the case. From high competition to lack of expertise, here are the 5 bitcoin startups that closed down.

1. Gaw Miners

This startup got in trouble over its own mining operations. They got extremely controversial because they failed to deliver to their promises. In 2015 all of the staff emails were leaked and many lawsuits followed right after. Also, customers were filing reports looking to get back what they lost. The owner of the company was charged for selling unlicensed securities. There was a ton of news on the Bitcoin front in regards to this company going under.

2. MAT

Mining ASICs Technologies went bankrupt in 2017. This bitcoin startup asked for its customers to pay 35% in advance for their services. They didn’t really manage to hold on to their promises and people started branding them a scam. MAT, however, tried to explain that there was a problem with the chips and that they will send new ones to their customers. This didn’t happen for most. The company declared itself bankrupt later after.

3. Bonafide

What is funny about this startup is that they ceased existing shortly after receiving $850.000 from investors. Bonafide offered exchange, wallet and other services. The founders believed that what led to their closing was the decline in bitcoin spending.

4. Brawker

Brawker shut down due to high competition. They started working in April 2014 and allowed customers to buy products using bitcoin. Of course in that time, many other, popular startups offered the same if not better services, so Brawker had no other option but to close down its doors.