Canadian crypto exchange, Vault of Satoshi (VOS) will be closing shop on February 5th.
In an announcement on its dedicated subreddit, company representatives said that the decision does not stem from any “unfortunate scenario” such as insolvency or stolen funds. In fact, the post says, “to this day we are proud to have run the first full proof-of-reserve exchange in the industry, with strict compliance and security regimes.”
Rather, the team behind the exchange is working on a new non-cryptocurrency related project: TurboFlix, a service that gives NetFlix users access to more content. The post says that the new project takes greater priority and that faced with a choice on where to focus its efforts, the company does not have time to continue operating both businesses.
ACY Securities Supports ASIC’s Product Intervention OrderGo to article >>
The exchange arguably enjoyed its finest moments nearly one year ago, when it added numerous altcoins to its offering, available for trade against USD, CAD, BTC and each other. Among them was Dogecoin (DOGE), then at the pinnacle of its glory days. Its debut on VOS made the exchange, at that time, a rare venue where DOGE can be traded directly against fiat.
Looking beyond the post, however, it is possible that the exchange simply could not generate sufficient volumes to continue operating. Complicating matters was the suspension of its offering for US clients, followed by an uphill trek to resume the service, state by state.
Overall, its robust platform and top-notch security differentiated it from others. However, the crypto exchange market is getting increasingly saturated, and those with the best liquidity, spreads, fee structures and features are most likely to survive.