In a somewhat abrupt and surprising announcement made this week, bitcoin wallet company Coinkite said that they are shutting down their web wallet immediately.

No new signups are allowed and no new API keys are allowed. After 14 days all accounts will be closed down. Everyone is encouraged to withdraw any funds they have in their Coinkite wallets.

In a blog post about the closure, Coinkite said:

We are winding down the web wallet part of Coinkite so that our team can focus on a number of new products that are more decentralized and embodied as 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.

Coinkite is pivoting to focus on a new hardware wallet and possibly other bitcoin stand-alone solutions in the future.

David Shares

David is a writer, researcher, and developer who is passionate about bitcoin and blockchain. He writes for Bitcoin.com, Blockchain.com, and is the founder of Bitcoinx.io (which was acquired by Bitcoin.com). David previously used to write and curate for Myspace and has worked in the fintech and payments space for over 15 years.

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