After running out of funds needed to run its operations, Blockport crypto exchange has shut down its operations.
While Blockport claimed it will come back in future, the embattled exchange has advised all its customers to withdraw their funds immediately.
The co-founder of Blockport, Sebastiaan Lichter told CoinDesk that following the exchange’s failed security token offering – which had a €1 million ($1.12 million) soft cap – “we have decided to drastically scale down our operations and development.”
“Running our operations and platform as-is without a substantial investment is currently not an economically viable and responsible option.”
As the exchange currently cannot generate sufficient revenues, he said the focus is now on “expanding the platform with unique and value-adding technological features, that strengthen our business case for a potential future restart.”
While the operating entity is now bankrupt, Lichter said this would not affect its efforts to prepare for a “restart” of the platform.
“We still see a lot of opportunities in this industry and have built a top performing trading platform that many people love to use and which has had almost zero downtime or issues since we launched it in the summer of 2018.”
Before its troubles, Blockport was one of the largest digital currency exchange in the Netherlands. With thousands of customers on its platform.