ChainRift, a small cryptocurrency exchange, announced today it will stop operating in order to focus on software development. The software development team from ChainRift will spin out to form a new company focused on building exchange software services only.
Beginning today, new users will no longer be able to create accounts on ChainRift. Effective February 14th, 2020, trading will be disabled on all markets. Only the withdrawal function will remain available. Users will have the ability to continue processing the withdrawal of their coins until at least February 28th, 2020. First opening up in 2018, ChainRift was available in 32 U.S. states.
“Over the past two years, we built, launched and operated ChainRift in an increasingly complex and competitive environment. Our team is composed of software developers, UX designers, and technologists. We have tried to bridge the gap that exists in our team on business development by onboarding partners; but despite our best efforts, we haven’t managed to secure partnerships that would propel ChainRift to profitability.”
– The ChainRift Team