Just after an year of its launch, celebrated Bitcoin marketplace Brawker announced to discontinue operations by the end of April 2015.
The decentralized platform, which quickly rose to fame for allowing users to buy almost any product with Bitcoin, had recently encountered management destabilization; something that eventually led its long time CEO Cyril Huori to quit his position. In the meantime, Brawker also faced some transaction issues after migrating to a new server.
But in its bid-adieu blog, the online company cited their disappointing growth rate as the major reason behind the sudden shutdown, saying that they couldn’t match up to the requirements that needed to run the company further.
“Our growth rate did not meet our expectations, and the service does not scale as we would have expected to,” Brawker wrote. “The Bitcoin community came up with many great startups and the environment is very different from what it was 18 months ago, when we started working on this project.”
In the latter part of the blog, the company asked its users to withdraw their funds and finish up their pending orders by the end of this month. It also discontinued accepting new orders, putting the final nail in the coffin of their 18 month long tenure.
This is meanwhile not the end for Brawker within the digital currency space. The team has confirmed its presence in some of the upcoming Bitcoin projects, though hasn’t revealed anything regarding them. They has also decided to open source some part of their code, so as to help other developers building new applications on it.