Crypto-Fueled Marketplace Openbazaar to Stop Operating Unless OB1 Raises Collective Support

News • 2020/10/02 • by

Openbazaar's open-source decentralized exchange project began with the concept first developed at the Bitcoin Hackathon in Toronto in April 2014.On Friday, the developer team and OB1 CEO Brian Hoffman revealed that the project could be closed down prematurely, unless OB1 was able to collect funds.

Open-source Decentralized Marketplace Openbazaar began with a concept first developed at the Bitcoin Hackathon in Toronto in April 2014. The first edition of Openbazaar was launched on April 4, 2016, and news. Bitcoin.com was one of the first to review the site on the next day.

The marketplace that ran for five years uses cryptocurrency for transfers, peer-to - peer trading solutions, an escrow scheme, and Ricardian contracts.

On Friday, the production team and OB1 CEO Brian Hoffman revealed that the project could be closed down prematurely, unless OB1 was able to collect funds.

"Openbazaar began in 2014, and today we're announcing that it's time to close this chapter," Hoffman wrote on September 25. "As long as the world works together to help. I am immensely proud of what we have done over the years and the ideals of what we have worked for will continue, "said the OB1 founder.

Source: Bitcoin.com

Comments (6)

Guest

godgrace1

6 years ago

There are thousands of ways they can raise funds, or they can easily sell their brand, to another company to raise funds for their project.

omogbai

6 years ago

This system is not too clear

freshprinx

6 years ago

there are other ways to go about it than that

exodusab

6 years ago

An open source, decentralized marketplace for peer-to-peer commerce using cryptocurrency. No fees. No restrictions. Also they should make online trade free for everyone, everywhere. #TradeFree with our decentralized marketplace

atikarani14

6 years ago

Okey

visiblemoney

6 years ago

I believe the marketing strategy of the team behind OB1 project should be reviewed and analysed before shutting down a 5-year running race! How are they sure that they are not leaving debts behind or that the concepts would not be hijacked by some of the team member for a new start up exchange! I think the CEO needs to change his board or employ prolific and well nurtured crypto expert to help him turn the tide.