Anonymous Donor rescues OpenBazaar from terminating its services

OpenBazaar is temporarily saved from shutting down and stopping its services by gaining donations from an anonymous donor.

By · Sep 30, 2020 . 6min read

OpenBazaar continues its services news
Source : IStock

OpenBazaar, the decentralized marketplace, has been saved from shutting down. It recently received a donation from an anonymous donor. The anonymous donor has consented to cover the costs of running the platform until at least the end of the year. OpenBazaar was introduced in 2014 at a hackathon in Toronto as Dark Market. It enables people to purchase and sell goods online in a peer-to-peer network. Contrarily to other online marketplaces such as eBay, there are no fees to list or sell goods on OpenBazaar. It allows carrying transactions without a single entity supervising or controlling the process.

Since OpenBazaar’s inception, approximately $44 million in crypto has been sent to the platform for purchasing various things. However, this is equivalent to peanuts in comparison to the dark markets, which, blended, trade anywhere from $5-15 million each day. This may also constitute one of the reasons behind it shutting down.

OpenBazaar Calls for Help

The marketplace, which enables users to buy and sell goods using cryptocurrencies without a central party, has been reportedly dealing with a difficult financial situation for a long period. The difficulties ultimately led the platform on Friday to state that it will shut down unless the community comes to the rescue with financial support. It stated that the services like seed nodes, API wallet, exchange rate API would terminate unless significant donations are sent.

The marketplace has been reportedly noticing a lack of adoption and user growth. Recently, however, the team behind OpenBazaar subsequently came out with good news. It declared on Twitter that a donor consented to finance the operations at least for the remainder of the year. However, the amount of donations by the anonymous donor is not out yet. These funds came in the form of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and other crypto donations. OpenBazaar promises to utilize the funds appropriately. It further plans to decentralize the infrastructure to broaden the life of the donations.

DeFi Marketplace planning to terminate haven wallet services.

Before the latest solution was on the table, things were starting to look dramatic for OpenBazaar. Last week, the company stated that its messaging and wallet app, Haven, will be removed from the Google Play Store and iOS App Store on October 1. The company described it as a privacy-focused super-app built on the OpenBazaar network. It enables users to shop, chat, and transact with crypto privately from their smartphones.

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