10101 to Wind Down Operations by November 3rd
"10101 will be winding down its operations by November, 3rd 2024, and we will remove the apps from the app stores by the end of the year," announced the project.
10101 is a self-custodial Bitcoin wallet and trading app powered by Discreet Log Contracts (DLC) to ensure trustless trade execution.
- "We've done a lot of reflecting, and we know what we have built is not receiving the traction and growth we wanted it to have. We also know it won't scale easily to the masses either, due to technical limitations," writes 10101 founder Philipp Hoenisch in a blog post.
"For these reasons, we have made the tough decision to wind down 10101. The platform will remain operational until the end of October. Afterwards we will stop accepting new positions and open positions will expire on November, 3rd 2024 15:00 UTC, after which we will cease our services."
- 10101 users are encouraged to complete any ongoing positions, close their channels and withdraw their funds into their own wallets. The team said it will provide guidance and support during this transition period to ensure a smooth wind-down process.
"Building a company is hard - building a Bitcoin company is even harder - and building self-custodial services is insanely difficult."
- "As we close this chapter, we do so with mixed emotions. While this marks the end of 10101, it also opens the door to new opportunities and challenges ahead. The team and I will continue to challenge the status quo in Bitcoin and build safer and more private financial tools for a better world to come," added the developer.
