Social network Zapchain has announced its closure a year after receiving a seed financing of $350,000.

The cause of closure has not been officially revealed yet, neither the details of the liquidation process.

According to CoinDesk, the project, launched in 2014 with the assistance of Boost VC accelerator, used to be among the fastest-growing bitcoin startups. Like its counterpart Steemit, Zapchain enabled users to reward each other for published content. However, after 2 years of online Zapchain only managed to attract 411 users. The corresponding figure for Steemit exceeds 78,000 despite the recent cyberattack, while the market cap of its own cryptocurrency has grown from $7mln to $17 mln over a few months.

According to Zapchain’s website, it will go offline on 31 August. Members are advised to withdraw bitcoins from their accounts by that date.

Lyudmila Brus