Bitfront, a US-based crypto exchange and yield provider, has decided to shut down. Bitfront is just the latest casualty during a time of crypto contagion following the collapse of multiple large digital asset platforms.
Bitfront, previously known as BITBOX – located in Singapore, is a subsidiary of LINE Corporation – which is owned by Z Holdings – a conglomerate that is a publicly traded firm in Japan. Bitfront served as the main exchange platform for the core products in LINE’s blockchain business.
Bitfront was a smaller exchange, according to Coinmarketcap, most recently ranked at number 88 with an exchange score of 3.8 (out of 10).
In a post on the website, the Bitfront team said they were unable “to overcome the challenges in this rapidly-evolving industry,”
To quote the post:
“we have regretfully determined that we need to shut down BITFRONT in order to continue growing the LINE blockchain ecosystem and LINK token economy.
* Please note that this decision was made for the best interest of the LINE blockchain ecosystem and is unrelated to recent issues related to certain exchanges that have been accused of misconduct.
Therefore, the BITFRONT service has been closed (as of the upload of this notice).
We wish to express our gratitude and apologies to all those who used our BITFRONT services and shared their voice in the development of BITFRONT.
Please refer to the following actions and schedules related to the closing of BITFRONT services.”
A timeline of service closures and deadlines is included with the post for account holders.
At one point, Bitfront announced a partnership with Celsius, a now-bankrupt crypto yield platform.