Go, Exchange runs down!

By Rajat Gaur

The updates that we see in the blockchain space are really getting technically more complicated as the days proceed. Many of the companies that are in the crypto-currency space will have to update themselves on a regular basis to not lose momentum. If they aren’t as updated as they should be, the particular company might sulk into the risk of shutting down operations.

One more down the trench!

One such company that bit the bullet was Go. Exchange that recently made their announcement of closing down operations by the March of 2020. The current existing scenario of the company is that it is no longer accepting trade from its customers. They are planning to close all the existing operations. 

The company is currently allowing its users to make withdrawals until the company stops the complete operations in march.

The company started to slowly roll their screens down with the recent failure of their flagship project. The project which was proposed in the financial year of 2018 seemed to be the make or break deal of the company. The project anyhow did not suffice for long as they had a lot of problems in the developmental stages that slowly led the company to scrap the project.

The main root cause!

The regulatory promotions that were a part of the lifting of the product ended with more complications that slowly starting to affect the operations of the company in other aspects as well. There was also a licensing request from Malta to resume operations but the company had to turn it down due to possible technical difficulties. All these slowly started to eat into the companies assets and reputation that paved the way for the downfall. 

There are a lot of other aspects that lead to the deadlocks faced by the company and the company continuously failed to make the corrective actions at the right time. 

Along with operations, all the legacy-based social media accounts of the company on Twitter, Instagram, Reddit and much more will be in the gutters as well. Being the first company to shut down in 2020 giving up to the pressures of the growing development in the Blockchain space. 

There has been a significant amount of companies have also shut down in the past in similar situations due to the growing demand in the crypto space. A total of nearly 173 companies have closed down in 2019 owing to such situations making it an incredibly competitive space for the companies to grow.