Bonafide, a Bitcoin startup, has made the decision to halt its operations and begin the process of liquidation.
A notification email has been sent to all shareholders, informing them about a potential acquisition offer from a well-known bitcoin company. Nonetheless, the offering company's identity remains undisclosed.
Regrettably, the sale was declined because it was believed to solely benefit team members rather than investors.
Bonafide was established in 2013 as an API that delivered reputation data to bitcoin companies offering exchange, wallet, and other consumer services.
The team at Bonafide had a goal to create a self-sufficient system that would offer reputation scoring for the bitcoin industry. This was in response to the expected surge in transactions from different sources.
In an email, Karthik Balasubramanian and Brian Moyer, the co-founders, stated that they think another reason is the shift in investor interest from consumer
...-facing applications for the technology.
The email mentioned that Bonafide is currently prioritizing its investment and operations on private and alternate chains, instead of bitcoin or other public chains.
In February 2015, Bonafide secured $850,000 in funding and declared its plan to establish a reputation system for bitcoin. Back then, Brian Moyer stated that Sean Percival, a venture partner at 500 startups, recognized the potential of Bonafide to enhance credibility in the bitcoin market.
The speaker asserted that individuals require a sense of identification with someone or something in the bitcoin ecosystem to understand the available opportunities. Moyer and Balusubramanian expressed doubts about their ability to generate income, adapt their product, or acquire more funding.
According to Moyer, the shutdown of the startup was primarily caused by the continuous decline in consumer spending on the digital currency. This has also led t
the founding team's decision not to rush into starting another project.
In his statement, he emphasized the team's reluctance to serve as consultants in the bitcoin industry and their lack of progress in the field. Despite gaining attention, their efforts have not resulted in growth. Additionally, due to their backgrounds, they could potentially secure funding for another venture, although those opportunities would require a long-term commitment. Moyer mentioned that since April, the founding team has been working without salaries, and they have considered switching their focus to the bitcoin compliance sector. Nevertheless, they will continue to closely monitor developments in the bitcoin industry.
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