US, WASHINGTON (ORDO NEWS) — Sparkswap, a decentralized Bitcoin exchange based on the Lightning Network, no longer accepts registrations and will close its service definitively next Tuesday.
On his blog, Trey Griffith, the founder of Sparkswap, explained that his company had failed to attract enough users.
Building a cryptocurrency business, especially one that interacts with the banking system, is expensive and, as things stand, the self-consumption style we adopt is too nested to make our project sustainable,” said he writes.
Since yesterday, the platform has suspended registrations. Registered users have until March 24, 2020 to complete their last transactions.
Despite a previous fundraising of $ 3.5 million, Sparkware will not have succeeded. Its founder believes that he was “maybe too far ahead of his time” and that in the long term this model could compete with centralized exchange services like Binance or Coinbase .
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