Cryptocurrency exchange Liqui has announced that they will cease all operations due to a lack of volume and economic incentive.
The Ukraine-based exchange, which launched in July 2016, sent an email to all customers confirming their decision to close on Monday.
The statement read: “Much to our regret, Liqui is no longer able to provide liquidity for the users left. We also do not see any economic point in providing you with our services.
“Hence, we decided to close all accounts and stop providing our services. It broke our hearts to do that. You will be able to withdraw your Digital Assets through our website within 30 days after this message was sent.”
R.I.P. Liqui Exchange
— Crypto_Ed_NL (@Crypto_Ed_NL) January 28, 2019
Liqui then offered a stark reminder that “after 30 days” they cannot “guarantee the maintenance” of the exchange, which will be a concern to users who may still hold assets on the site.
The cryptocurrency bear market has been ongoing for a gruelling 12 months. Bitcoin’s price has fallen from $20,000 to $3,450, with much of the altcoin market seeing upwards of 95% moves to the downside.
As a result, a number of cryptocurrency and blockchain start-ups have struggled over the past year. Ethereum production studio ConsenSys laid off 13% of their staff in December, while Steemit were forced to relieve 70% of their employees of their duties.
The bear market ultimately caused Liqui’s demise as well. Their announcement added: “We may be back soon. However, that depends on the market which has significantly changed since 2017. We do not know what else to say but thank you for your support.”
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