News

Australia’s Tagz announces closure citing COVID-19

In what is yet another example of the COVID-19 pandemic taking a toll on not just people, but businesses, including crypto-companies and entities, noted Australian crypto-exchange, Tagz, has announced that it will be ceasing operations by the end of next month. This development comes on the back of a few other crypto-exchanges shutting down this year, most notably Brazil’s XDEX.

It should be noted, however, that XDEX didn’t expressly make any mention of the pandemic when it made the announcement. However, it did cite “market projections,” a metric that was undoubtedly affected by the fact that COVID-19 was ravaging the world at the time.

Australia’s Tagz, however, was more forthright, with the exchange stating,

“Due to the COVID-19 pandemic and external factors out of our control we have had to make the tough call to decommission the exchange.”

The exchange was keen to stress on the fact that such a closure was a forced one, adding that the “decision to shut down operations did not come lightly.” Interestingly, it would seem that the pandemic alone could not be responsible for the exchange’s predicament, with its statement reading that the exchange has struggled to remain profitable for the last 12 months, with many ideas and plans failing to keep it afloat.

The exchange will be giving a 30-day notice to all its users and customers, following which, any crypto-assets not withdrawn will be forfeit and added to liquidated company asset holdings.

Your feedback is important to us!

READ  How to Discover an Effective Antiviral Against COVID-19 Faster

About the author

Avatar

Linda Hopkins

Linda is one of the oldest contributors to Sunriseread. She has a unique perspective with regards to business and technology. She aims to empower the readers with the delivery of well-written news pieces, and most importantly, she always tries to bring the news quicker to the readers.

Add Comment

Click here to post a comment

Quick Contact!

To get in touch with Sunriseread or to tell us about a Story or Press Release, just send an email to lindahopkins128 @ gmail.com
. And, we will get back to you shortly.