- Midas has announced plans to shutter its platform.
- According to the firm`s management, this is due to substantial losses this year.
- The company’s departure is likely to have a significant impact on the crypto investment ecosystem.
In a recent report, the crypto investment firm Midas has announced plans to shutter its platform, citing losses during recent market volatility. Most significantly, this comes through a blog post from CEO and founder Iakov “Trevor” Levin.
The firm issued a statement saying it could no longer continue operations owing to “significant losses” sustained from recent market fluctuations. The subsequent failure of consolidated lenders like Celsius and FTX just added insult to injury.
Based on this situation and current CeFi market conditions, we have reached the difficult decision to close the platform.
Lakov Levin
On Tuesday, Midas imposed limits on deposits and transactions, halted withdrawals, and made other precautionary adjustments. In addition, the business said that all margin trading activities will be suspended indefinitely.
The news serves as a harsh warning of the dangers inherent in cryptocurrency investments. Midas, like many other businesses, may have its operations and earnings severely affected by the market’s characteristic volatility.
Since its start in 2018, Midas has established itself as a leading cryptocurrency investing platform. Services like asset management and portfolio optimization are only the beginning of what it has to offer its clientele. The business had recently declared its intention to establish a new cryptocurrency exchange called MidasX.
The closure of Midas’ platform marks the end of an era for one of the most prominent crypto investment firms in the space. The company’s departure is likely to have a significant impact on the crypto investment ecosystem. Many are also already speculating about who will fill the void left by its closure.
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