Walltime, one of the oldest cryptocurrency brokers in the Brazilian market, announced the end of its activities on Wednesday evening (8). The company said in a statement that the decision not to pass on the operation is because it believes its “core business” is the trust users have placed in it.
Founded in 2016, Walltime has become a reference as one of the most important cryptocurrency brokers in the country, becoming one of the 10 largest in 2017 and the only platform in the Brazilian market to launch a semi-decentralized Bitcoin solution, i.e. say that customers transact with Bitcoin without having to deposit coins with the brokerage.
“In fact, Walltime was one of the first Bitcoin exchanges in Brazil and in the world, when crypto assets were still new, a big gamble and a lot of uncertainty. Today, the importance of this digital economy for more sovereignty, independence and financial freedom is clear.”said a statement.
The company thanked its customers and stated that it had a sense of accomplishment and pride in its journey, which focused on user satisfaction and platform security, without compromising on its principles.
The reasons for the closure of operations have not been disclosed, but the arrival of giants in the country, such as Binance, which quickly dominated more than 80% of the market share, may have been one of the causes, as at least 15 national exchanges are now competing to 20% of the market.
Brazilian community of mourning
Walltime has always been a serious company helping its users, with its founder, Felipe Micaroni Lalli, actively participating in bitcoin communities and helping thousands of people for nearly a decade.
Even at the end of its operations, the company taught customers respect and consideration, giving users a long time to withdraw their funds before the platform went offline.
According to the company, customers can withdraw cryptocurrencies until 4/10, i.e. two months.
In the company’s Facebook post, several clients lamented the end of the brokerage business, thanked the representatives and wished them luck.
View the schedule below:
02/08/2023 — Date of this announcement which will be published 1) on the main page of the Walltime website. 2) in this blog with important announcements. 3) start sending emails to all users with a balance greater than or equal to R$ 0.01 and/or 0.00000001 BTC. 4) specialized media. 5) social media.
NOTE: BALANCES BELOW THE MINIMUM ALLOWED BY THE PLATFORM — Walltime will manually withdraw balances below the minimum allowed by the platform upon account closure, provided that this amount exceeds the minimum fees. In the case of Reais, the minimum flat fee is BRL 5.00 and for Bitcoin, we set the minimum network fee (mining) at 0.0001 BTC. Values less than 0.001 must be transferred over the Lightning Network.
If this is your case, please contact support and request that your account be closed and we will transfer the remaining amount, discounted from Walltime fees and network fees.
03/10/2023 — All active orders on the platform will be CANCELLED and the following activities will be suspended: 1) creating new accounts. 2) creation of new orders. 3) Deposits in Reais and Bitcoin. 4) closing of the order book crew. 5) closing the order book. The service is email only sos@walltime.info and has a 10 business day period for a response. Withdrawals in Reais and Bitcoin now have a period of 10 bank business days.
04/10/2023 — FINAL DEADLINE for withdrawal of all platform assets, Reais and Bitcoin, at current rates.
Note: After the deadline, it is still possible to make withdrawals, which will be processed manually, with the following administration fees remaining for a minimum of 6 months:
– GUARD: 0.5% / month of custodial.
– INTAKE:
– REAIS: BRL 200.00 + 5%.
– BITCOIN: 0.001 BTC + 5%.
Do you have a Walltime account? More information here.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
