The World Bitcoin Association Goes Bankrupt, Files for government Protection

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The World Bitcoin Association Goes Bankrupt, Files for government Protection

The World Bitcoin Association, which was founded in Zurich, Switzerland, had filed for bankruptcy protection in New York. Though not many great things can be said about the Bitcoin non-profit organization that intended to unite all Bitcoin non-profits all over the world and spread the use of Bitcoin and crypto-currencies, the news has surprised many.

As the company has filed from bankruptcy protection in Manhattan thanks to $300,000 in liabilities, the contact page of the organization lists a Zurich address instead of a New York address. This has puzzled many as they are unable to understand the reason behind such discrepancy between their listed location and bankruptcy filing location.

Though the World Bitcoin Association received great adoration when it was started by Dorian Credé, President and Christian Mäder, Vice-President, it has not been able to get on to the work. A lot of people complain that it did not quite work well for the welfare of Bitcoin and it was bound to collapse sooner or later.

The founders are though great at their own work; for instance, Mäder is a prolific Bitcoin blogger from Switzerland and runs bitcoinnews.ch, Credé had started other projects, such as Wikirating that provides free collaborative credit ratings, the duo was not able to run the non-profit organization professionally.

The duo has also been associated with early Bitcoin ATMs in Zurich. Moreover, as the World Bitcoin Association which is also listed on the official Bitcoin Wiki in the ‘List of Bitcoin non-profits around the world‘ page, the collapse may not auger good time for similar other organizations that have been out there in Bitcoin ecosystem.

The Not For Profit Organization Fails to Capitalize the popularity of Bitcoin

Interestingly, Credé and Mäder also mentioned their companies in the list of the members section of their website. Whereas they list just Wikirating as an active member and BitcoinFan1974, they maintain that Bitcoinnews.ch and Countoncrypto as supportive members of the organization for greater clarity.

According to the company sources it was also active in Zurich in organizing Bitcoin Meet-ups for the supporters and stakeholders of Bitcoin. Though the team is best known for installing the first Bitcoin ATM in Zurich, after a similar Lamassu unit was installed in Bratislava in early 2014, it has not been able to capitalize this.

Similarly, though the team has been strong Bitcoin supporters and enthusiasts since long, it has not been able to bring in new people on board to give it more impetus that it needed.

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

  • Christian Mäder

    plese note: The World Bitcoin Association located in Zurich
    (Switzerland) has nothing to do with the Bankruptcy Case #:
    1:15-bk-10618.