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Reddit Crypto Tipping Service Closes Door

 
Reddit Crypto Tipping Service Closes Door
Breaking News / Crypto Market

An Ethereum-powered service called TipJar used to be an online service that allowed users on Reddit to send in micropayments to each other in ether and ERC-20 tokens have just been shut down.

Whereas its website is still live, it won’t be officially shut down until April next year. 

Published on the same day, the developer for TipJar said there was “very little activity on the bot” and so as a result, the service was executed. Furthermore, he urged users to withdraw their already deposited funds via TipJar’s website as soon as possible, stating:

“The TipJar reddit bot is being shut down immediately, so tipping other users on reddit is no longer possible. The TipJar website will be shutting down on April 10, 2020. After that point, TipJar accounts will no longer be accessible and funds cannot be transferred. If you have an existing balance in your TipJar account, you should withdraw as soon as possible.”

TipJar’s developer went onto highlight that he has been “paying the monthly server fees for several years, and although they are pretty minimal, at this point it doesn't make much sense for me to continue putting money into the service when it's going unused.” This sentiment was also echoed by the team behind the Coinexchange.io platform. As it was reported last week, the platform is shutting down just like TipJar but this was due to financial and low trading reasons rather than a lack of activity - although these two are both lightly related.

On top of this, the official announcement from Coinexchange.io said that the “costs of providing the required level of security and support now outweigh” its earnings.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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