Coinkite to End BTC Wallet and Focus on Hardware Products Like Physical Bitcoin
Coinkite to End BTC Wallet and Focus on Hardware Products Like Physical Bitcoin | Payment Week
Coinkite announced that they are discontinuing the wallet service in order to give their development team ample room to focus on other new products in the pipeline.
Coinkite said in a blog post titled “Time To Be Your Own Bank,” that they will concentrate on developing new products that are “more decentralized and embodied as hardware products.”
“It’s time to focus on fulfilling Bitcoin’s real potential, and enable individuals and businesses to “Be Their Own Bank,” said Coinkite in the announcement post.
Despite being the target of massive DDoS attacks since the first month of the launch, Coinkite has managed to provide a valuable service to the Bitcoin community for over three years.
However, according to their management, spending a large sums of investment dollars into “lawyer’s pockets to defend [their] customers from their own government” is not something they are interested anymore.
Rodolfo Novak, the Chief Executive Officer of Coinkite said in an interview that they will gradually phase out the wallet service over the course of the next 30 days.
After April 27, any successful login to the wallets will “lead to forced withdrawals” and the “terminal connection/backend will stop working,” said the blog post.
Dealing with the law and protecting their servers against DDoS has diverted a lot of resources and Mr. Novak made it very clear during the interview that he would rather focus on “coding and delivering awesome services” by moving away from the offering software services.
“We want to spend more time where our heart is, hardware products, software-”not-as-a-service”, and other exciting new possibilities,” said Mr. Novak.
Going forward, Coinkite said that they will rather focus on the Physical Bitcoin project called Opendime and standalone Bitcoin terminal and hardware wallet that comes with printer and QR scanner.
It appears that Coinkite management has mostly diverted to the use of hardware products for Bitcoin transactions.