Bitcoin tipping platform doesn’t work? ZapChain announces it’s shutting down

Another Bitcoin-based content monetization startup has announced it is shutting down, according to foreign media reports.

Zapchain, a social network launched in 2014 and one of the fourth batch of startups incubated by the Boost VC accelerator, recently informed users that Zapchain will stop service on August 31. This is less than a year after Zapchain received $350,000 in seed funding.

It is reported that the seed capital comes from DFJ partner Tim Draper, Boost VC founder and CEO Adam Draper and the Boost Bitcoin Fund.

“I invested in ZapChain because the company is building one of the best applications of Bitcoin,” Tim Draper said in a statement.

Now, Zapchain’s impending closure has been posted on the company’s website, marking the end of what was once the fastest-growing bitcoin project.

Back in April, ChangeTip, another Bitcoin micro-tipping platform, announced that its employees had moved to Airbnb and that the company was also looking for a buyer for its intellectual property.

There are no concrete details yet to suggest Zapchain will seek a similar sale.

Representatives for Zapchain were unavailable for comment by press time.