Blockchain, Cryptocurrency

OpenBazaar Saved From Becoming ClosedBazaar By A Good Samaritan

The decentralized marketplace OpenBazaar has reportedly been saved from being shut down after an anonymous benefactor has accepted to cover the costs of operating the platform until “at least the end of the year.

The marketplace, which enables users to buy and sell goods using cryptocurrencies without a major party, has been reportedly dealing with a challenging financial situation for an extended period. The struggles ultimately led the platform on Friday to say that it will shut down unless the community comes to the rescue with financial support.

Recently, though, the team behind OpenBazaar finally came out with good news, stating on Twitter that a donor agreed to finance the operations at least for the remainder of the year.

At the time of writing (08:29 UTC), the donation wallets listed by OpenBazaar had received a total of about USD 13,000, made up of BTC 1.09 (USD 11,674) and ETH 3.416 (USD 1,225), as well as small amounts of LTC, ZEC, and BCH. The marketplace previously told Decrypt that USD 100,000 would be adequate to “keep it up for the next year.

The team behind the platform followed up by saying,

“We still need your support, though. 2021 will come soon enough. Please consider donating so that we can continue supporting free trade,”

Adding that they will work hard to,

“Find ways to lower costs and decentralize more of the foundation to extend the length of your contributions!”

Before the newest solution was on the table, however, things were starting to look dramatic for OpenBazaar, with the company stating publicly last week that its messaging and wallet app, Haven, will be removed from the iOS App Store and Google Play Store on October 1 unless sufficient donations are accepted.

“We recommend that Haven users immediately remove funds from their wallet,” the team further wrote in its update at the time.

Haven was first announced by OB1, the company behind OpenBazaar, in 2019. The company then described it as a privacy-focused “super-app built on the OpenBazaar network,” enabling users to shop, chat, and transact with crypto privately from their smartphones.

As confirmed by the team in last week’s update on the planned delisting of the app, though, not the app nor the website has reached “the level of user growth and adoption required to build a sustainable business.

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