Nanex Exchange announces it will be shutting down April 30th

30 Mar, 2019
Nanex Exchange announces it will be shutting down April 30th

Nanex exchange has announced that it will be closing shop at the end of April, after just over one year of operation. 

In a Medium announcement, Nanex said it would be shutting down after one year of operation. Nanex exchange was a community startup exchange idea that allowed users to trade crypto pairs tied to NANO instead of BTC. 

Nanex attributes the success of the exchange to the community but also admits that like many other projects over the course of the past year, the bear market took its toll on the exchange, admitting "our volume dwindled to nothing."

The medium post also admits that trading volume had dwindled down from "a couple thousand dollars a day in volume, and as of late not more than a couple hundred." Also admitting that some days saw no trading volume and als stating "there usually isn’t more than 2 or 3 people viewing the exchange at any given moment."

The announcement also admits that the exchange "has been a dead exchange for quite some time now with the complete lack of volume" 

Read more: Coinbase announces it will be shutting down its index fund for lack of interest

The exchange will be shutting down and withdrawals remain open until April 30th. Nanex stated "We would like to thank everyone from the Nano community for their never ending support since the beginning, especially those that kept cheering us on to keep going even when things weren’t getting better."

Nanex becomes another casualty in a long list of companies that have been forced to shut down due to the bear market taking its toll on operations.

Read more: 9 things bigger than Bitcoin's market capitalization

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