Cobo to Shut Down Wallet App on Dec. 1

[fullfitlarry]

https://x.com/TheBlockCo/status/2111134232496284054

So this wallet has been founded in 2017, so I will say during that time, everyone was in the development of crypto wallet as it was the hottest that time.

Only the wallet apps are affected though, it is same that their efforts are going to focused primarily toward institutional and enterprise custody services. Those businesses will continue operating normally.

I found some bounties and discussions about Cobo way back like 2019. But not sure if it is the same service.

In any case, if you have funds in their wallet, better moved it out before December 1.

[asriloni]

So it seems they have been fully operating using the raised fund without even generating revenue. Their WaaS service is so damn expensive, and no doubt only a few people use it. If they decreased their WaaS subscription price, it might help them survive.

They priced their starter subs at $299. It's not even a personal crypto user will afford it while we also have so many platforms offered WaaS service for free such as Privy.

Beside that you forget not to mention any fund is not yet withdrawing until their deadline will get 2% monthly management fees.

[shinratensei_]

Good decision, imho. If they can't maintain it better sunset it instead of letting it become a bug ridden app that nobody should use, in the first place their business model isn't that great, custody for retail is just meh, it doesn't have product market fit and anybody looking for that service is going into centralized exchange that have SAFU funds, but a custodial for institutional and enterprise? it's going to be needed in Singapore where they are based, being a country with many active crypto company and all. Maybe in the future Singapore is going to approve ETF and need custodian.

[coinrifft]

I guess services in crypto world would have to sunset at some point in time, specially if there is some business cost or their service is no longer the hype that it was before. And as somewhat says, they are so expensive.

Although they will totally shift their resources to other custody services. So it means that they can still generate some money and can stay afloat this competitive business that we are living in. And going for institutional and enterprise custody services might also mean that there are demand in their Singaporean market.

[crwth]

Can this be related to people understanding the principle of "Not Your Keys, Not Your Coins"?

It's understandable that many people have transitioned to better custody of their coins. It's the purpose, and having that control is better than relying on a third party that might influence your coins.

It's probably time to secure the migration for the people using it. Ensure the right backups are in place and that no exploit could happen.