When we first launched Snapcard in early 2013, we quickly realized that blockchain technologies could really help accelerate the way money moves around the world. We wanted to make it easy to use [Bitcoin] between friends, family, and businesses worldwide.
We launched one of the world’s first multi-digital currency payment processors (wooo to dogecoin), a simple digital currency bitcoin wallet, and more recently our Masspay product which focuses on money transfer using the blockchain.
We’re very proud of the products we’ve built but even more so of all the rockstar users who helped us grow. Additionally, we’ve been extremely fortunate to have observed the industry grow and evolve each passing day. As many would say, there’s never a dull moment when you’re living and breathing payments!
We’ve come to a point where we need to make some decisions on our current product offering and what we’re able to manage. Our Masspay product has been aligned with the value that we bring to the community and is something in which we will be investing heavily.
With that focus in mind, we’re deeply sorry to announce that we will no longer continue operating the Snapcard platform on May 1st, 2017.
We genuinely mean it when we say, it’s been a hilarious rollercoaster being part of this space as we’ve seen the price reach record highs. All the ups and downs are what makes this ecosystem of users the most fun to be part of.
We’ll see you all at the moon!
Mike, Yanni and the entire Snapcard Team
Q: Can I continue using Snapcard?
You can, but we do not recommend it. Users will have access to their Snapcard account until May 1st, 2017. After this date, our servers will be offline and users will no longer be able to sign into their account.
Q: What will happen to my current balance?
User balances will be available until May 1st, 2017. If you miss this deadline, we'll be able to send you an email with instructions on how to retrieve your funds. Our goal is to have all funds transferred off Snapcard by the end of the Closing Date.
Q: I don't have another bitcoin wallet address, what can I do?
There are other exchange platforms that provide a bitcoin wallet as well as buying and selling features. Under Additional Resources, we've put together a few recommendations for other great bitcoin platforms.
Q: I am a Tangocard user, how can I retrieve my rewards?
Tangocard users are still able to redeem their rewards on Snapcard as long as the deposits were issued before March 23rd, 2017. All deposits after this date are now powered by Wyre. Alternatively, Tangocard users can now sign up for Wyre to continue redeeming BTC rewards from participating clients. Please be advised that KYC and identification documents are required to create an account on Wyre.
Q: Help! I still have questions.
We're still here to answer your questions until June 1st, 2017. Please feel free to reach out to us at firstname.lastname@example.org, or give us a call at (415) 374-7356.
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Cross-border payments are intrinsically inefficient because there is not one single ubiquitous global payment system. We stumbled upon these issues in 2014 as we expanded our blockchain wallet services into various regions and polities. Most domestic financial infrastructures are not designed to handle cross-border payments.
At the end of the day, what this means to businesses and people that are looking to move money is that you’re going to end up paying an extremely high payment fee and then pay an consequently expensive foreign exchange rate (hidden fees).
Wyre has created a money transfer engine powered by blockchain technologies to help make your bank transfers faster than email (sounds super buzz-wordy, I know… it’s an inside joke here at Wyre at the moment).
With one integration, businesses are able to send bank-to-bank international transfers at the speed of a local bank transfer. We’ve connected local banking networks to a single unified API and we’re utilizing the blockchain to move the absolute value. This is still Phase 1, but at the moment, with the power of our technology, we’re able to move US Dollars from your bank account in the US, to a bank account for a beneficiary in China in under 1 hour… a process that traditionally takes 2–3 days.Check it out