XRP United, an Estonia-based platform branded as the first cryptocurrency exchange focused on offering trading pairs based Ripple’s XRP coin is shutting down next month.
According to an update purportedly sent by CEO Mart Liivand, to its users, XRP United will stop accepting deposits on June 15 before finally ceasing operations on July 1, 2019.
Users who fail to withdraw their assets after July 1, risk losing them entirely as the exchange plans to liquidate all unwithdrawn funds and donate it to charity and also terminate all ongoing raffles and campaigns.
Why is XRP United Shutting Down?
Uninterestingly, XRP United did not reveal in the notice the exact reason why it is shutting down, just seven months after it launched the Ripple-focused platform.
The only hint provided by the exchange is that the exit is as a result of “unusual and unexpected circumstances in the past four months.”
However, a Reddit user on r/Ripple who commented on the development noted that the founder of the exchange died, hence the reason for the shutdown.
For the interim, Mart Liivand revealed in the update that the XRP United team would keep working with Ripple to deliver new products for the fintech and crypto industry soon.