CryptoBridge, a decentralised crypto exchange (DEX) based in Florida, USA, has shut down. This was announced via a message on its website.
Decentralised exchanges allow peer-to-peer trading without a central authority. Unlike centralised cryptocurrency exchanges, DEXs let users keep control over their digital assets.
According to the message, the startup, founded in 2017, whose “primary goal was to connect users and traders of crypto assets with new state of the art projects and to consistently provide superior service” has been forced to shut down due to “market conditions, increasing regulation, inability to fund further development and maintain operations”.
CryptoBridge will terminate all services to users on December 15, 2019, while deposits will be closed after December 3.
Fake Twitter Profile of CryptoBridge Promises Return
Although the DEX has shut down all its social media channels, shortly after it announced the termination a new account named CryptoBridgeEU declared that the shutdown is only temporary and the DEX will resume operations in Europe shortly.
I’m proud to announce CryptoBridge’s termination is not the end! We will be moving our headquarters to Denmark! We will have a new site up and running so stay tuned!
— CryptoBridge (@CryptoBridgeEU) December 2, 2019
CryptoBridge was quick to refute the claim and confirmed that the twitter account was fake on its website
Our social media channels are closed, all accounts on Twitter that are pretending to be representing CryptoBridge are fake. We are not planning a comeback at the moment.
DEX Ecosystem continues to evolve
While DEXs are more in line with the decentralisation ethos of Bitcoin, most DEXs have been plagued by liquidity concerns. Nonetheless, new DEXs continue to be floated. Even major centralised exchanges such as Binance have launched decentralised versions of their exchange. John McAfee has also recently launched the beta version of a decentralised exchanged promising “no restrictions”.