North American Bitcoin Exchange, Harborly Shutting Its Operations

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North American Bitcoin Exchange, Harborly Shutting Its Operations

Harborly, the North American Bitcoin exchange has decided to shut its operations; however, this has nothing to do with hacking or fraudulent activity. In an official blog the organization clarifies that it would like to state categorically that the shutdown has not been prompted by a hack, by fraudulent activity, or by a security-related incident.

The Bitcoin exchange also clarifies that while that may have been true for other firms in the Bitcoin space, this is not the case for Harborly as it decided to shut the operations as a new venture that it has been working on as a side project has recently gained traction. Moreover, as the new venture has huge potential, it makes sense to shut the one that does not make sense.

Thus, from the clarification it appears crystal clear that given the potential of the opportunity, it makes far more sense for Harborly to shift its limited resources away from Harborly to focus on this new project. Interestingly, the owners are in the process of finding an acquirer who can appreciate the organization and buy at the fair prices.

From the decision by the North American Bitcoin exchange it appears true that many businesses that were part of the original wave of Bitcoin entrepreneurship, including Bitcoin exchanges, remittance services, wallets, and payment processing companies are now feeling the heat as it is becoming tough for them to get business.

Some More Bitcoin Companies are expected to shut the Operations

Earlier this year SMS Bitcoin wallet and remittance provider, 37 Coins, joined Google Ventures backed Bitcoin exchange Buttercoin, and Bitcoin marketplace Brawker, shut their operations. Harborly says that when they first launched the services just over a year ago, they had the vision of giving their users the simplest, quickest, and safest way to buy and sell Bitcoin globally using their local currency.

Later on the startup launched the exchange services in Canada and the United States to offer a cheaper and more user friendly alternative to existing options. It came after nearly a year of planning and development. Nonetheless, as new businesses offering basic Bitcoin services, such as exchanges and wallets, are becoming less and less interesting to consumers, as well investors, as the industry already has several well-funded companies adequately providing those services, some more companies are expected to shut the shops.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com