Coinkite, a leading bitcoin platform headquartered in Canada, has announced that it is moving into next phase and winding down its web wallet to focus on more decentralized and embodied hardware products.
“We’re still big Bitcoin fans, supporters and Hodlrs, and although Coinkite has been great adventure in the SaaS business, we want to spend more time where our heart is, hardware products, software-”not-as-a-service”, and other exciting new possibilities”, the company said in a blog post.
Listing various reasons behind this decision, Coinkite said that it has been under DDoS attacks since the very first month of its launch. Also, it had to shell out real fiat dollars to defend its customers from their governments.
There will be no changes in the operations of Coinkite, with the difference that no new user sign-ups will be accepted and no new API keys will be distributed. After 14 days, Coinkite said that Tor access will end, API will be disabled, refund will be provided for prorated balances for annual pre-paid plans, users will be encouraged to withdraw balances on login, new receive requests will be prevented and zero balance accounts will be automatically closed.
After at least 30 days, all logins will lead to forced withdrawals. Post this point, Coinkite will estimate total unclaimed deposits and will offer some sort of manual process to claim amounts. Users will need to verify their email address, account name and password for the process.
Coinkite also pointed out its future plans following the winding up of its web wallet. It intends to focus on standalone BTC terminal and hardware wallets with printer and QR scanner, hardware products for authentication and security, stand-alone Bitcoin solutions and more.
