Coinfomania: Where blockchain and cryptos live.

SLP Token-Focused Cryptophyl Exchange is Shutting Down to Pursue a DeFi Dream

Cryptophyl, a UK-based trading platform that is focused on Simple Ledger Protocol (SLP) tokens, has announced its plan to shut down on 21st September 2020. The move is coming as a result of some difficulties and the exchange’s desire to pursue a DeFi dream.

According to the company, customers still have access to trade, deposit, and withdraw their token before the said date. In other words, users are expected to withdraw their tokens before the exchange finally goes offline in 14 days. 

Cryptophyl shifts to Detoken

The team behind Cryptophyl appears to be discouraged from their goal of offering quality services as regarding their SLP Token infrastructure to their customers, even though they have strived so hard to achieve this. The company has found it quite challenging to continue maintaining consistent and effective user experience.

Hence, they have concluded switching to Detoken, a non-custodial layer between customers and new financial tools built on the Bitcoin Cash blockchain.

We strive to offer quality service to our users. Unfortunately, it has become increasingly difficult for us to maintain consistent user experience. Maintaining our SLP token infrastructure has become a chore for the team, and we’d prefer to focus our energy and resources on our up-coming non-custodial exchange, Detoken. 

Detoken is a trustless, unlimited, and secure way to access peer-to-peer finance from anywhere in the world and may lessen the difficulty they experience in maintaining consistent user experience. The team believes it will be a correct approach for their business and its future.

Customers will have full access to being in control of their private keys on Detoken. Users will be able to trade SLP tokens listed on Detoken directly out of their Detoken wallet with no deposits or withdrawals.

The company did not announce the exact launch date for Detoken but explained that it would approximately launch at the end of Q3 2020.

“Detoken will initially offer the first Decentralised Finance (DeFi) product built on Bitcoin Cash, in collaboration with General Protocols. Shortly after, SLP tokens will be added,” the team said. 

Affiliate: Get a Ledger Nano X device for $119 so hackers won't steal your crypto.

Follow us on Twitter, Facebook, and Telegram to receive timely updates. Subscribe to our weekly Newsletter.