Amazon BTC Payment Processor Purse.io Closes its Doors

Share Article
In Brief
  • Purse.io has officially announced it will be closing up shop.

  • Formed in 2014, it gave users discounts for buying Amazon products with BTC.

  • Could other cryptocurrency-related firms go bust in 2020?

  • promo

    Stake your points and qualify for the 200,000 USDT prize pool. Start staking now!

The Trust Project is an international consortium of news organizations building standards of transparency.

One of the first companies to push Bitcoin adoption, especially in the retail sector, will soon be closing its doors. Purse.io has announced it will be dissolving the company.

Sponsored



Sponsored

A Bitcoin payment processing company for Amazon since 2014, Purse.io finds that it cannot sustain its business model any longer.

Purse.io Closing Shop

Purse.io was one of the first companies pushing for consumer-based adoption of Bitcoin. It offered Amazon shoppers a means to make purchases with BTC for a discount.

Sponsored



Sponsored

Despite being a ‘first mover’ in this sector, the company is calling it quits.

Purse.io’s model was simple — the platform allowed users to trade in their Amazon gift cards for BTC. This enabled it to then offer discounts to its customers.

It seems that profitability for Purse.io was sorely lacking. Despite being around since 2014, the company is folding in 2020. In a tweet made by the company, Purse.io said that it would continue to offer withdrawals and support until June 26.

Last June, BeInCrypto reported on a tweet from Purse.io where the company harshly criticized Bitcoin SV (BSV). 

The Struggles to Remain Profitable

The blockchain sector is notoriously difficult for companies and startups since profitability is often based on future expectations. Now, with the COVID-19 economic downturn, some cryptocurrency-related firms are concerned over how it will impact their bottom lines. It’s unclear whether Purse.io shut its doors due to longstanding issues or poor earnings in the past quarter.

Cryptocurrency exchanges are often most at-risk. In August 2019, an investigation found that 97% of cryptocurrency exchanges in South Korea were close to going bust.

As some commentators noticed, exchange bankruptcies were the ‘failed ICOs of 2019.‘ Some even outright scammed users. 

With a real economic crisis on the horizon, we may now start to see ever more cryptocurrency-related firms shutter as well. Their fates likely depend on how quickly the global economy is able to recover and where the sentiment towards digital currencies lands when we come out of the other side.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.

Follow Author

Limited offer! Learn to mine and trade crypto today for free

Join

Earn up to $10,000 USD every week in CoinFLEX AMM+ Arena!

Earn Now

Be our Supreme Scorer and qualify for a grand prize pool of 200,000 USDT!

Join