Bitcoin remittance startup 37coins is closing its doors.

In a new blog post, the company said it was shutting down its service and its SMS-based wallet. However, users have until 30th December to withdraw their balances. More information about the withdrawal process can be found here.

The closure marks the end of a process that saw the startup take part in Plug and Play's bitcoin startup group. 37coins aimed to use low-cost cell phone technology as a means to enable cheap transactions, but according to the team, development ran into headwinds that ultimately proved insurmountable.

The post explained:

37coins also cited the growing focus of bitcoin projects that target the underbanked, and concluded by thanking those who had supported the project.

"It has been a privilege getting to know all the bitcoin supporters around the world and to work together toward a fair and balanced financial system," the team wrote. "Thank you for being such passionate supporters."

37coins did not immediately respond to a request for comment.

Images via 37coins, Wikimedia