Economic Infeasibility: the Reason behind Closure of Coinexchange.io
CoinExchange.io, an Australian cryptocurrency exchange, which was launched in 2016 has closed its all kinds of services.
The company is backed by 500 Altcoins. It saw a daily trade volume of about $700,000 and has also featured at 100th rank on the CoinMarketCap’s exchange rankings. However, the platform gave its reason for closing as:
Unfortunately it is no longer economically viable for us to continue offering market services. The costs of providing the required level of security and support now outweigh our earnings.
The company posted the details of the services that are going to be closed immediately and those that will remain active for the time being on its official blog. Trading and deposits will be put off from October 15 onwards. However, the withdrawal facility will be available to the investors until December 1st.
The CoinExchange.io Team posted a goodbye note too; hoping to return if the market conditions changed for the better.
It has been a fantastic journey and we have enjoyed playing a part in the cryptocurrency space. We thank everyone that has traded or listed a currency with us. So sadly it is goodbye for now however we may return in the future if market conditions change.
CoinExchange.io was a mid-sized digital token trading platform. It has been able to maintain the sanity and security of the platform all these years, whereas, there have been platforms that have faced hacking. It was known to support new ventures to list their products on the platform.
The most interesting fact about this platform is that till date nobody knows about the owner. The domain was registered under the name of WhoisGuard and the website refers to the jurisdiction of the court of New South Wales, from which it can be inferred that it is an Australian exchange.
