{"id":254106,"date":"2020-03-17T19:04:17","date_gmt":"2020-03-17T23:04:17","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=254106"},"modified":"2021-08-05T14:12:21","modified_gmt":"2021-08-05T18:12:21","slug":"sparkswap-exchange-shutting-down-for-being-too-niche","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/sparkswap-exchange-shutting-down-for-being-too-niche","title":{"rendered":"Sparkswap Exchange Shutting Down for Being Too Niche"},"content":{"rendered":"

The Sparkswap exchange is shutting down, according to a post from the group<\/a>.<\/p>\n

Sparkswap has been around for the last two years, and even built itself on the Lightning Network, ensuring that they could work “with atomic cross-chain swaps to build an experience that was as fast as trading on centralized exchanges.”<\/p>\n

The platform was the first-ever exchange to build itself on Lightning, serving instantaneous transactions to its many customers.<\/p>\n

However, while Sparkswap certainly served as a platform for Bitcoin enthusiasts, it couldn’t find a large enough audience to keep on going. The post explicitly notes that the project was too niche.<\/p>\n

As of today, the platform won’t allow anyone else to sign-up, nor will they allow for more USD deposits. Those still on the platform will be able to buy Bitcoin until March 24 of this year.<\/p>\n

Interestingly, any USD held within the Sparkswap wallet will still be there thanks to AnchorUSD, the exchange’s partner. The platform offers a high-yield USD Interest account for anyone keeping their funds in there.<\/p>\n

AnchorUSD will also get rid of all transaction fees until April’s end.<\/p>\n

“We are still believers in the vision of the future that Bitcoin and Lightning provides and the importance of self-custody to a Bitcoin-backed financial system. Our sincere hope is that we were simply too early, and in a few years a service like Sparkswap will overtake custodial exchanges,” the post notes.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Sparkswap exchange is shutting down, according to a post from the group. 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