Cryptocurrency Project, Also Supported by Coinbase, Decided to Close!

Utopia, a project that provides solutions for Decentralized Autonomous Organizations (DAO), announced that it will stop all its services on November 6, 2023.

Project Supported by Coinbase is Closing

This decision does not mean the closure of the company, but a move away from current products and strategic directions.

The project, which received $23 million in funding in June 2022 under the leadership of Paradigm with contributions from Circle, Coinbase and others, decided to terminate its product.

An official statement released by Utopia CEO Kaito outlined several changes that will take effect immediately.

No transaction fee gasless transactions will be stopped and no bugs will be worked on by the engineering team, although support messages will continue to be answered via Intercom whenever possible.

The product will remain freely available until the end of the month. All services will be closed on November 6, 2023. According to the official statement, users can export their payments and bookkeeping data using the download button.

Despite the closure of Utopia’s current product, Kaito assured supporters that the company is not shutting down.

Instead, he stated that it was a move away from its current product and direction. Kaito expressed that he is optimistic about the cryptocurrency industry and stated that Utopia will announce its new route in the coming months.

*This is not investment advice.

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