TokenAnalyst, a crypto intelligence firm, has officially shut its doors. The company made the announcement on Tuesday via a medium post, stating that it will cease platform and application programming interface (API) support. On the website itself, there is a flashing note saying that the data within the site no longer refreshes.
TokenAnalyst Workers Scooped Up By Coinbase
While no official reason was given for the shutdown by the blog post, there is a small saving grace. Coinbase, a San Francisco-based crypto exchange and one of the world heavyweights, will take in a few of the members of the TokenAnalyst team.
Through the public announcement, TokenAnalyst explained that its mission was to bring forth transparency in the world of decentralized currencies. In regards to this, the TokenAnalyst team is convinced that they had made progress towards that mission. They cited the array of tools they had made to make blockchains as a whole easier to understand. As such, they hoped that their users enjoyed using the data and services they provided just as much as they enjoyed creating them.
A Brief History
The TokenAnalyst post stated that they would remain committed to driving towards the creation of a worldwide open financial system. As such, the post noted that the team is convinced that Coinbase serves as an excellent place to do so
A spokesperson from Coinbase later confirmed that several members of the team at TokenAnalyst had been brought on board by the exchange.
TokenAnalyst was founded back in October of 2017. It started just as the initial coin offering (ICO) era boomed, and crypto prices experienced a massive surge. After the company’s shut down, a handful of employees have joined Coinbase. The number is at least six, based on the various LinkedIn profiles, and includes Sid Shekhar and Jai Prasad, the founders of the company. When one looks at both their twitter biographies, both seemed to have joined Coinbase.
A Grim Goodbye
The medium finished, saying that it was a genuinely invigorating experience to communicate with all the crypto enthusiasts of the world. The company thanked them for the encouragement, support, and passion that kept the team at TokenAnalyst motivated and moving forward.
It’s a shame to see the company go. While many people advocate the glory and purity of blockchains, it’s sometimes prudent to remember that it’s a financial sector just like any other. Dreams can rise; dreams can fall. All that can be said is it’s good that some managed to find new work, and the rest of the workers should have the best of luck finding more jobs, as well.