Detoken, a Bitcoin Cash-based platform for decentralized funding (challenge), announced on August 28 that the project would be shutting down on September 4, 2020. Semyon Germanovich, the founder of the project, explained that the main reason the challenge project was shut down is due to “changes in regulatory outlook on cryptocurrency derivatives.”
Defi Project Detoken will cease operations September 4
Bitcoin.com News reported in December 2020 on Detoken, a challenge platform that allowed users to buy or hedge their bitcoin cash.BCH) in a non-custodial manner. General Protocols launched Anyhedge technology at the same time. The protocol was also operated by Detoken. Semyon Gerovich explained Saturday that the Detoken Platform was terminating the project due regulatory issues.
“I am saddened to announce that Detoken will close on September 4, 2021,” Germanovich said. “Several factors influenced our decision to close the Detoken platform. Detoken’s business model is no longer viable due to the changing regulatory outlook for cryptocurrency derivatives. Detoken’s founder added:
I have always believed in privacy and financial freedom. However, Detoken will eventually need to implement identity checks on customers to keep it running. The sad truth is, everyone in the industry will have these tough decisions about changing their business model and introducing these difficult and costly controls.
Bitcoin Cash Supporters Move to the Smart Bitcoin cash Chain
The Bitcoin Cash community is anticipating the Smart Bitcoin Cash (Smartbch), chain’s benefits. BCHProponents believe Smartbch could unlock huge potential between Ethereum and SmartbchETH) and Bitcoin Cash (BCH) networks. Over time, the Coinflex exchange revealed that “Coinflex BCH(main network) BCH (SEP20) has been online for a whole week now – without any problems ”, in a Blog post announcement. Coinflex added:
Bitcoin cash (BCHThe ) markets have increased by more than 55% in the past 24 hours BCHCurrent market capitalization is 13th out of more 10,000 crypto assets. BCHBitcoin cash has seen a 24.4% increase in the last month, and a 149% increase since the beginning of the year. At the time this article was written, bitcoin cash (BCHThe market capitalization totaling approximately $ 12.5 Billion for ) is approximately.
Detoken bids farewell to Bitcoin Cash enthusiasts
Reddit subscribers to r/btc forum were sad to hear that Detoken was shutting down in an a Reddit postSaturday added. “This is the mail I just received from Detoken. Despite this disappointing news, I still believe in new projects [will] use general protocols, ”one forum user wrote.
“Emergent Reasons”, the developer of the General Protocols Project, responded to the comment with “Thanks for your good wishes.” We are still working hard. BCH, electronic money p2p. He also left a link for a blog post titled “A peer-to-peer cash strategy for general protocols”These can be read via read.cash blogging platform.
What do you think about Detoken being forced to close down because of regulatory concerns over crypto derivatives. Let us know your thoughts in the comments below.
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