Canadian cryptocurrency exchange Vault of Satoshi recently updated its clients about their concrete decision to shut down next month – on February 5th.
According to the founders, their exchange was running smoothly – without any insolvency, stolen funds, and any other ill-fated scenario – so people should not perceive anything negative about Vault of Satoshi. On the other hand, the decision to seal this exchange forever was taken to fulfill other, and better, opportunities. Here is an excerpt that explains it better:
“Our founders and team of developers began work on a new, non-cryptocurrency project about 6 months ago, which has since become quite successful. We are forced to make a choice on where to expend our efforts, as we simply do not have time to continue operating both businesses. We feel splitting our focus would be a disservice to the customers of Vault, so although our competitors may lack some of the features, currencies, and innovations that Vault brought to the Canadian market, they will serve you well for your basic exchange needs.”
The “non-cryptocurrency project” which founders discussed is a new venture called TurboFlix – an emerging platform offering Netflix users to bypass territorial restrictions.
Withdrawal Details
As indicated on Vault of Satoshi’s ‘soon-to-go’ homepage, the exchange is not accepting new deposits, and has further asked users to submit their withdrawal requests by the end of February 5th. “You will have plenty of time to finalize any trades and withdraw any outstanding funds with all of the convenience and expeditiousness that you’re used to,” the founders assured.