Bitlum shutdown, 20th October

Today I’m sad to announce that Bitlum wallet is shutting down.

Reasons

The main reason for shutting down was the lack of understanding about what problems we were solving, and not knowing our users well. Consequently, we had slow user growth and less motivation to work more on the wallet. The last two months of wallet life were spent on talking with people from crypto, and identifying what issues they had, but no appropriate problem were found where at the same time we (a) were well positioned to solve it, (b) had the technical possibilities for that, (c) had the motivation to work on presented issues.

About investors

Our investors, mainly Fulgur Ventures, supported us along the way, and were ready to support our work further, but without a clear understanding what we would like to do any actions seeming like a waste of money and time from the point of view of the founders.

For those who are working on Lightning Network products and seeking investment I recommend going and talking to them, Oleg and Vitally are some of the most ethical people I know.

About withdrawal

Wallet will be kept open until 20th October. You can withdraw money using on-chain / regular Bitcoin payments. For all questions please reach out using wallet support, or join our Telegram group and ask questions there.

For those who aren’t able to withdraw money before the shutdown date, please reach out to support@bitlum.io from their account email, we will try to proceed withdrawals manually.

Thanks everybody for the journey!