Google Inc (NASDAQ:GOOGL) Backed Buttercoin Is Shutting Down This Week

Bit-coins once attracted millions of people from across the globe for obvious reasons. A few companies that started their operations keeping bitcoins as the central theme made a lot of profits. But the situation is completely different with Buttercoin, which is backed by the Internet giant Google Inc (NASDAQ:GOOGL). As per the reports, Buttercoin is going to close down its operations on April 10, 2015 due to a lack of interest shown by investors.

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Insights Of This Matter:

Buttercoin was started with a lot of enthusiasm and potential to write a new success story. Google Inc (NASDAQ:GOOGL) and Y Combinator, which is a startup incubation program, backed it. Even though things went fine for the initial few months, but when no investor in Silicon Valley showed interest in this concept, they finally decided to pull the curtains down.

Buttercoin released a statement saying that reduced interest in the bitcoin concept by investors based in Silicon Valley forced the company to shut its operations. In order to make sure that the customers who have linked their bank accounts with the ones provided by the company, it has given a final deadline of April 10, 2015.

All the customers can transfer their bitcoin funds to other services before the deadlines. In case they fail to do so, Buttercoin will convert the bitcoin balance in U.S. dollars and transfer that to the linked bank accounts of customers.

Even though things didn’t go right for Buttercoin, but other players continue to make huge profits in this field. Coinbase came up with the first bitcoin exchange of United States in January. Reports claim that the early success of this bitcoin exchange has prompted Winklevoss to introduce another Bitcoin exchange. Experts claim that the situation will improve with time and people will see a lot of bitcoin business ventures in the near future.

 

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John Eisler

John Eisler

John is a special projects and general assignment reporter, noted for breaking several exclusive stories.