Bitcoin startup Snapcard will close down its wallet service in the next few months, its operators said today.

In a new blog post, the startup said that it would now look to prioritize MassPay, a service launched in 2015 that uses the bitcoin blockchain as a payment rail.

According to Snapcard, the shutdown will begin next week, during which time it will push for its users to move funds off-site. Buying and selling features will be deactivated on 20th March, with a final closure date of 1st May.

The team said in the blog post:

The closure comes more than two years after the startup raised $1.5m in a seed round, netting capital from a group that included Tim Draper, Blockchain Capital and startup incubator Boost VC, among others.

"We genuinely mean it when we say, it’s been a hilarious rollercoaster being part of this space as we’ve seen the price reach record highs," the team concluded in its statement.

Image via Shutterstock