UAE’s Bitcoin Startup “YellowPay” Has Shut Down
Bitcoin – Currency of the Future
It has been predicted that Bitcoin will be the currency of the future. It’s not hard to imagine as any country does not own Bitcoin. It’s a currency primarily born on the internet.
Since it is safe to assume that the internet will still be the wave of the future, then be making an educated guess of being Bitcoin as the currency of the future is not a far-fetched idea.
As of the moment, you can say that Bitcoin is somewhat like the Wild Wild West. It is volatile and can be very profitable. On the downside, it’s easy to lose your shirt speculating in Bitcoin or other cryptocurrencies. And yet, the real purpose of Bitcoin or other cryptocurrencies is it is a form of currency. In other words, it is another form of payment, and there are already companies that are starting to accept Bitcoin as a form of payment.
It is for this reason why some entrepreneurs try to catch the wave early and make big profits down the road. One of those companies is known as YellowPay.
YellowPay – What You Need To Know
YellowPay was a startup in the Bitcoin industry. It was largely a Bitcoin payment firm.
While Bitcoin may be big news to many in the western world, but it is not that big in other parts of the world. YellowPay was unique as it is a Bitcoin payment firm that started in the Middle East.
It’s also not hard to imagine that YellowPay was targeting to be the first Bitcoin payment firm in the Middle East, and maybe spread its way to Asia. Unfortunately, things didn’t go as planned.
Recently, YellowPay has officially shut down. The company was formed in 2014 and by 2016 it has already out of operation. It was a company with a big vision, and even enlisted PayPal’s former managing director as one of its senior advisers.
With a big vision, a market ripe for the taking and big names under its list, it seemed that YellowPay is poised to make its mark. Despite its traction, the startup faced a lot of issues that lead to its shutdown.
YellowPay shut down without giving official reasons, leaving us with speculations. Some experts say that the company was having problems with the business model. Some experts say that it’s focusing resources on spreading the benefits of digital currency are the reason for its downfall.
Despite YellowPay’s shutdown, the Middle East is still pretty much in the cryptocurrency industry. In facts, the Dubai government has partnered to host Keynote 2016, a conference that focused on blockchain or cryptocurrency.
Also, it is likely that we will still be hearing from YellowPay, or at least from one of its founders. Ola Doudin, one of the founders of YellowPay is now starting a new Bitcoin-related company called BitOasis, and it’s getting support from the Dubai government.