Google Ventures-Backed Bitcoin Exchange Buttercoin Is Shutting Down

Buttercoin launched in 2013 with the aim of tackling the global remittance space, aka money that migrant workers send to their relatives back home. It’s a huge opportunity — The World Bank estimates that some $515 billion will be sent in developing countries this year — and Buttercoin’s take was ambitious, it wanted to open local exchanges in a range of countries to facilitate cheaper cross-border currency transfer.

The startup said it is winding down because it wasn’t able to raise new funding — that’s something it attributes to a “dip in bitcoin interest among Silicon Valley investors.”

Yet, despite those influential backers, it looks like investors are less keen to be involved in bitcoin. Beyond the valuation of the cryptocurrency, which has found some stability this year — as the chart from Coinbase below shows — the bitcoin exchange market has found relative maturity

1 Like