Blockport one of the Cryptocurrency Exchange based out in Amsterdam has been forced to shutdown due to lack of it's operating potential, however, it is promised to return.
Based on the filing reported by The Next Web, the official operating entity, Blockport was declared Bankrupt by a Dutch court on May 21. The firm closed its operations at the end of May, as declared in a blog post.
Blockport first introduced its STO in March, mentioning that its BPS token as a security token which is pegged to stake in Blockport and allows holders to profit sharing via dividends. It was released on April 16, the STO allegedly offered investors capacity to buy BPS with a minimum 500 euro ($560) investment and it remained active till May 15.
In mid-May, co-founder and chief product officer of Blockport, Sebastian Lichter stated the exchange failed to reach the security token offering (STO) of 1 million euro ($1.1 million). He said, “we have decided to drastically scale down our operations and development.” Also, the exchange said that it will refund its investors, along with the platform, was expected to be taken down by the end of May.
Lichter stated:
“Running our operations and platform as-is without a substantial investment is currently not an economically viable and responsible option.”
As the Crypto exchange is not able to generate adequate revenues, he said that the focus is now on “expanding the platform with unique and value-adding technological features, that strengthen our business case for a potential future restart.”
However, the operating entity is now bankrupt, Lichter stated that it would not affect its efforts to prepare for a "restart" of the platform.
He stated:
“We still see a lot of opportunities in this industry and have built a top performing trading platform that many people love to use and which has had almost zero downtime or issues since we launched it in the summer of 2018.”
Customers were also given primary warning to withdraw any of the remaining funds and as per the post, can still withdraw by emailing support.
Blockport website remains live during the press time, with the home page still stating that the firm provides the "the easiest way to buy and sell cryptocurrency."
As per The Next Web, the platform is still operating due to the unfinished refund process, however, the firm is planning to "properly take it offline" when the refunds are finalized.
Untill now, the date of shutdown is allegedly not scheduled, Litcher stated that the firm will continue to develop its products in the "stealth mode." Litcher said that Blockport is in talks with "some parties for a potential launch."