ZapChain, the Bitcoin-based content sharing and tipping platform is soon going to shut down. The Reddit like social media platform focused on Bitcoin and cryptocurrency technology has announced its impending demise on its user’s timelines.
The notification on states,
“ZapChain will be shutting down on, or shortly after August 31, 2016.Please withdraw your balance.”
Founded by Adam McKenna and Matt Schlicht, the platform became popular with the Bitcoin community after it offered an efficient way to monetize the content. Soon, few artists also considered using ZapChain to sell their works. One rapper from Brooklyn, New York — Talib Kweli even launched one of his albums titled “INDIE 500” on the platform where users could buy the whole album by paying $12 worth of bitcoins.
However, ZapChain seems to have lost traction over time, with the number of new signups and interactions falling way below expectations. Lack of further funding is also attributed to the platform’s decision to shut down its operations. Last year, ZapChain raised $350,000 from prominent investors in the space