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Cryptocurrency Wallet Provider HolyTransaction To Shut Down Soon

by on September 13, 2016

The Bitcoin world is always filled with surprises. In some cases, there is some less positive news to report. HolyTransaction, a platform known for their cryptocurrency wallet service, will be shutting down. September 30th will be the final day of operation, and users are advised to move their funds off the platform. The company has run out of investments and income to continue their service.

Although there has been a lot of funding flowing into the Bitcoin world, not every company is successful. Daily costs of operations alone can become quite steep when working on more complicated projects. For HolyTransaction, their bread and butter is a convenient cryptocurrency wallet service.

End of the Line For HolyTransaction

The company was founded in early 2014, and immediately secured some investments. Over the past two years, the team has added some new coins and even integrated with Netki. Unfortunately, it was not enough to attract new investors, forcing them to halt the service for good.

Continuous development of the HolyTransaction platform requires multiple developers and engineers. Moreover, the company needed to strike critical partnerships to continue their expansion. Without the help of investors or sponsors, those tasks become a lot harder than before.

Over the years, HolyTransaction started supporting multiple cryptocurrencies. Bitcoin and Litecoin were among the first to be added. Later on, the likes of BlackCoin, OMNI, and Dash were integrated as well. Despite the convenience factor, it’s hard to compete with other existing wallet services.

It is always sad to see such an established player halting their services. HolyTransaction may not have been the biggest household name, but plenty of people used their services. It is unclear as to what will happen with the team behind this project, and we wish them all the best.

Header image courtesy of Shutterstock

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.
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