Bitcoin reputation startup Bonafide ceased operations in November, less than one year after receiving funding $850,000 from investors including Blockchain Capital and Quest Venture Partners.
The startup offered an API that provided reputation data to bitcoin firms offering exchange, wallet and other consumer services.
Co-founders Karthik Balasubramanian and Brian Moyer stated their belief that the movement of investor interest away from consumer-facing applications for the technology was one factor in their demise.
Declines in consumer bitcoin spending were also cited as a factor in the shut down.
European exchange Yacuna made an orderly retreat from trading in November after a relatively short time in the cryptocurrency space. In an email to customers it informed them of the closure and advised customers to withdraw all funds.
Talking about the closure, executive director and chief compliance officer Mark Caruso told CoinDesk:
“We offered the service for free since we believe in the disruptive potential of blockchain technology. However, the lack of significant volume and a growth rate that remained below expectations led to the decision of shutting down the service.”