37coins to shut down its services

37coins, a bitcoin remittance startup, has recently announced that it is going to discontinue all its services including its SMS-based wallet. The shutdown underlines the end of a process during which the company took part in Plug and Play's bitcoin startup group.

The announcement made in a new blog post also says that the users would be able to withdraw their balances until 30th December.

"Despite the best of intentions, we were unable to deliver a quality product that showed product-market fit. We also found that SMS delivery between different carriers in countries outside the USA is unreliable. Lastly, our initial objective was not possible to achieve with the amount of capital raised", the post read.

The company aimed at using low-cost cell phone technology as a means to facilitate economical transactions. But slowly the development process became unfeasible, according to the team.

"It has been a privilege getting to know all the bitcoin supporters around the world and to work together toward a fair and balanced financial system," the team wrote. "Thank you for being such passionate supporters."