ChainRift is closing down its exchange operation - Please withdraw your funds

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Sad as I got the news that one of my favorite exchanges ChainRift is about to close down.

According to them, they want to channel their business away from exchange to building of services based applications to minimize running costs.

My fear is on the rate that these well known exchanges are closing up, some are being hacked. This is rather not the kind of news that we expect especially now that crypto currencies are gaining ground for a new world.

You may also like to read from their write up below.

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.

In light of this, we are spinning out our software development team from ChainRift into a new company focused on building software services only. The spinout will free us to focus on our strengths, which is to build software with a beautiful interface and intuitive user experience.

Beginning today, new users will no longer be able to create accounts on ChainRift. Effective February 14, 2020, trading will be disabled on all our markets. Only the withdrawal function will remain available.

Please withdraw your funds from ChainRift by February 28, 2020.

Going forward, we will continue to build software services for exchange operators and license our software to entrepreneurs looking to operate exchanges in their jurisdictions.

Over the last few years, we lived and breathed cryptocurrencies, and we continue to remain excited about the new opportunities cryptocurrencies bring to the world. We are proud to build an amazing community of ChainRift users on a small budget.

We are excited to move forward and grow as a software development company, and we sincerely hope we can continue the relationship we built with our customers, partners, and fans.

Much love,
ChainRift Team

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