OpenBazaar Needs $100k to Avoid Service Stop

Decentralized marketplace OpenBazaar
Decentralized marketplace OpenBazaar

Decentralised marketplace, OpenBazaar, has announced that its supporting services like API wallet will close unless it can raise community funding.

The firm behind the project, OB1 is also removing the Haven app from the iOS App Store and Google Play on 1 October, according to News.Bitcoin.

We don’t have a solid target at the moment, but a soft one for us is $100k to keep it up for the next year.

A representative from OpenBazaar told Decrypt

Closing Chapter

On Friday, OB1’s CEO Brian Hoffman announced the project might be shutting down soon, unless they can raise funds.

In 2014, Openbazaar started and today we’re announcing that it is now time to perhaps close this chapter unless the community comes together to help. I’m extremely proud of what we accomplished over the years and the principles of what we stood for will remain.

Brian Hoffman

OpenBazaar said it had “no choice” but to shut down its services due to a lack of “level of user growth and adoption.” 

As a result, OB1 cannot sustain funding the ongoing infrastructure costs. Additionally, OB1 detailed that the company has been relying on donation funds but the money is running low.

Sadly, we have been unsuccessful and have no choice but to discontinue these supporting services.

Brian Hoffman

At the time of the farewell announcement, the marketplace has received $11,672.44 in Bitcoin donations; $979.78 in Ethereum; $110.76 in Bitcoin Cash; $13.47 in Litecoin; and less than $10 in Zcash. 

However, OpenBazaar does not state how much it needs to remain operational.

What is OpenBazaar Marketplace?

The open-source decentralised marketplace project Openbazaar launched at the Bitcoin Hackathon in Toronto in April 2014.

But the first version of Openbazaar was operational on 4 April 2016.

Notably, it is the longest-running decentralised marketplace that uses cryptocurrencies for payments, a peer-to-peer solution for exchanges, an escrow system, and Ricardian contracts.

Since launching, nearly $44m in cryptocurrency has been sent over the platform to buy online, according to a 2019 analysis by Chainalysis.

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Sally ElShorbagy 25 Articles
Sally ElShorbagy is a freelance journalist and translator who currently covers the future of the cryptocurrencies and the digital economy revolution.