In an emotional letter sent to all Purse.io users earlier today, CEO Andrew Lee reassured customers of the oldschool Bitcoin service that not only would it not shut down, but the company has also come up with an exciting roadmap for the future.
The letter, which is also available as a blog post, suggests that the reasoning behind the previously announced shutdown was not due to financial struggles as initially speculated. Instead, it appears that the seemingly dwindling enthusiasm about cryptocurrencies being used as currencies had a huge impact on the team’s motivation. Lee admits:
“We just weren’t sure what to do next and thought we’d return capital to our investors who could make better use of it.”
Purse.io is one of the oldest remaining Bitcoin businesses in cryptocurrency, and when it first launched more than six years ago, enthusiasm about using cryptocurrency as cash was arguably the biggest motivator for people to try out the novel asset class. The following transition to speculation that has occurred since then was apparently interpreted as an indicator that the team’s efforts are misdirected. However the community reaction following the sad news back in April does suggest that perhaps p2p electronic cash users have not vanished – but are rather underrepresented. The letter reads:
“After we announced the closure, we received an outpouring of support. Countless people around the globe wrote to us saying that they couldn’t live without Purse because they’re unbanked. Others told us that when the Venezuelan supply chain collapsed, they survived because of Purse.”
While the reversal of the decision to shut down Purse.io came only a week after the initial announcement, it did little to clear up confusion about the company’s state and direction. Lee’s heartfelt letter from today not only dismantles rumours that Purse is only alive due to Roger Ver’s willingness to lose money by keeping it running, but it also provides an optimistic outlook about its future:
“Instead of closing Purse or selling the marketplace, we came up with an exciting roadmap doubling down on our commitment to serve our customers. Purse is here to stay.”