Bitcoin Startup Purse.io Shuts Down After Six Years

Purse.io, a bitcoin startup that helps users shop on Amazon with bitcoin (BTC) and bitcoin cash (BCH) and trade gift cards for crypto has announced it’s shutting down.

According to an announcement the company published it has already closed new signups and will disable its “shop” and “earn” functionalities next week, on April 23. The company’s operations will crease on June 26 of this year.

The announcement doesn’t go into details as to why it’s shutting down, but only thanks Purse.io’s users for the support. It reads, “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.”

Purse has asked its users to withdraw their funds “as soon as possible.”  The company, it’s worth noting, allowed users to pay with crypto on Amazon by connecting them with those looking to sell gift cards for cryptocurrency.

The move came shortly after Amazon told members of its affiliates program that it will cut commission rates starting April 21. The rates were cut for a number of affiliate product categories, in some cases dropping from 5% to 1%. It’s unclear whether Purse shut down over the affiliate rate cut.

Amazon itself has been impacted on an umber of fronts as a result of the coronavirus outbreak, but speaking to CNBC a spokesperson declined to comment on whether the cut was being made because of the pandemic.

[image credit : NeoCash Radio]

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