It appears that Buycoins, a Nigerian peer-to-peer crypto marketplace, has decided to shut down its offering known as Buycoins Pro. Buycoins sent a letter to its users announcing the decision, stating that it will be ‘sunsetting Buycoins Pro’ in the coming days.
As part of the shutdown process, Buycoins ensures that users can still withdraw their assets for the next three months. Additionally, the company mentions that users can continue trading using Buycoins’ Over-the-Counter (OTC) service through Desk.
The decision to shut down Buycoins Pro may be part of the company’s strategic restructuring or a response to changes in the market. The Pro version was designed for advanced technical traders, while the Basic version was rebranded into Accrue after Buycoins acquired Accrue in October of the previous year.
Buycoins, initially called Bitkoin, was founded in 2017 with the goal of providing Nigerians with a safe and easy way to buy, sell, and store cryptocurrencies. In 2021, the platform and its products, including Accrue, came under the umbrella of a new parent company called Helicarrier. Helicarrier’s products included Buycoins, Pro, Sendcash, Sendcash Pay, and NGNT (Nigerian Naira Token).
Read Also: Due Network Launches Stablecoin Payments in Nigeria
The decision of Buycoins to shut down Buycoins Pro
The decision to shut down Buycoins Pro adds to the challenges faced by African crypto startups in recent times. Many companies in the African crypto space have experienced difficulties, including layoffs, service shutdowns, and restructuring. Notable examples include LazerPay, Nestcoin, Paxful, Patricia, and others.
The statement from Buycoins expresses appreciation for users’ understanding and cooperation during the sunsetting process and encourages users to reach out to the support team for any assistance or queries.
The future of Buycoins and other African crypto startups will likely depend on the broader developments in the cryptocurrency market and the economic landscape in the region. The statement ends on a hopeful note, suggesting that the anticipated bull run of 2024 might bring better tidings for these companies.
