Just a few days back, OpenBazaar announced that they would be shutting down in a matter of few days. Apparently, they weren’t able to meet the benchmark of the user registration and even investments to keep the project running. For those who are not familiar with OpenBazaar, it is a decentralized marketplace and a platform that the cryptocurrency users can use to buy products through by spending their Bitcoins (BTC) or other cryptocurrencies.
The idea of introducing an e-commerce solution for the cryptocurrency users was proposed in a Hackathon, which was held by Bitcoin officials and was initially named as the DarkMarket. The users can use the platform through their cryptocurrency exchanges as well to make payments without the fear of sharing their personal information.
The initial release for the project was released on the 4th of April, 2016 as a Beta version, and the stable version was released on July 16th, 2020. Although the idea that was adapted was unique and with aims to further develop the decentralized financing sector, it failed to achieve as much recognition as it should have. However, OpenBazaar tried its best to keep the services running by spending the $1 million seed funds they had accumulated with the help of stakeholders.
OpenBazaar announced that the funds they were using to keep the project running were about to run out and without funding, the project had to be shut down.
However, the recent announcement by OpenBazaar on twitter seems to have brought good news for its users where they informed the crypto-community of a donation of $13,000 they received from an unknown person. OpenBazaar team confirmed that they received the funding through the donation wallets that they had shared on their website in the form of Litecoin (LTC), Bitcoin (BTC), Ethereum (ETH), and many more cryptocurrencies.
In their announcement, the OpenBazaar team also confirmed that the unknown donor has agreed to keep funding the OpenBazaar marketplace project throughout the year. This phenomenal development has given OpenBazaar an opportunity to revamp their marketing structure, their services, and framework to improve the customer experience so they are able to attract more users and start running the project without any external donations.