Coinkite to shut down Bitcoin web wallet platform

Recently, Toronto-based Bitcoin wallet platform Coinkite officially announced in a blog post that it will be shutting down the web wallets of its users after 3 years of operation in order to focus on decentralized banking.

“We are incredibly proud of serving thousands of businesses and customers, transacting billions of dollars worth of Bitcoin, but today we’re announcing that we are moving to the next phase at Coinkite.” stated Coinkite in the post.

Coinkite has created a “Wind Down Plan” in order to encourage users to withdraw their funds and shut down their wallets over the course of April. With the “Wind Down Plan” active, there has been several instant changes to the web wallet including a full stop to new registrations.

After the Wind Down Plan ends on April 27 and any CoinKite users have not withdrawn their funds, Coinkite will offer manual withdrawals as long as you verify your login credentials.

“Be aware that scammers may try to get you to log into a fake Coinkite to transfer (steal) your funds after this announcement. Please be very careful about emails which claim to be from us, telling you to do things, click on links and so on.” warned CoinKite

While Coinkite will be offering manual withdrawal after the full shutdown of their web wallet service, users will still need to be on the lookout for scammers who want to claim your locked funds.

Under heavy Ddos attack ever since launch, CoinKite has survived for 3 years by improving wallet security as much as possible and as a result, has shifted the focus of the Coinkite team to work more on the web wallet rather than other projects.

“It’s time to focus on fulfilling Bitcoin’s real potential, and enable individuals and businesses to “Be Their Own Bank”

With the slow but effective halt to their web wallet platform, Coinkite is planning to stay mainly in hardware now and will be developing Bitcoin terminal wallets, Bitcoin hot wallet servers and even physical Bitcoin.



Angus is the Editor-In-Chief and creator of Technology Is Key. He enjoys tech and business and also runs Adventure Bitcoin.

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