Purse and other startups are gradually leaving the market. What’s happening?
Now, of course, is not an easy time. Ubiquitous quarantine forces companies to massively transfer employees to remote employment, and in some cases even dismiss half of the workforce. Moreover, the financial crisis is gaining momentum. The problems of the global economy hit most of all small and medium-sized businesses, which are just developing and are not yet ready to deal with such serious crisis pressure. That is why many startups do not withstand the prevailing conditions and leave the market. One of these was Purse, which, like other startups, announced its closure. Today we will discuss what awaits most startups in 2020.
A little about Purse
First, we describe the concept of the project in order to understand which companies are under economic pressure. Purse, as the name implies, was engaged in shopping. The company offered an interesting solution for automating online purchases on sites such as Amazon. Blockchain and similar technologies form the basis of this project. The combination made it possible to significantly speed up and simplify the online shopping process.
However, after 6 years of productive work, the company announced the complete liquidation of the enterprise. In an official statement, Purse noted that the reasons are “purely commercial in nature“. Thus, we can confidently say that the company has not banally endured new market conditions. The company set aside time for its latest operations until June 26, after which the company ceases to exist. There will be no more partnerships. Current deals end gradually. It is sad that a useful and, at first glance, promising project did not survive the crisis. The details of the liquidation of the company have not yet been disclosed.
Now, having discussed the company, we can give you some tips that will help to keep the companies of interest. To suspend the total closure of start-up cryptocurrency companies, you should take the initiative in your own hands.
How to save your favorite project?
If you are worried that the startup you are using (it may be a mobile application, website or any other service) will close – invest in the project. Of course, this should be done only if you have long been looking for a reason to invest. Now, perhaps, is the best time for the distribution of equity. Having invested in the right, reliable project, you will not only help the company to develop. But you will also be able to earn money after the crisis. An important point is the choice of company. Purse has been on the market for more than 6 years, during which time the company gained the appropriate authority. The company has proven that it can be trusted. You must also choose safe and reliable designs. If you are thinking of investing in a company that has been operating for less than 2-3 years, be careful. There is always a chance that such an enterprise will turn out to be unreliable or simply will not survive the crisis, taking your investment to nowhere.
In other cases, when you are confident in the project of interest and do not want it to close under the pressure of the crisis, feel free to invest. Even a small amount can help the company retain its working staff, avoid a decline in productivity and continue to delight you with a quality product. Remember to be careful. Then the crisis will not be a big threat. You can follow all the news of the crypto industry and the world of finance with us. We publish only high-quality and interesting material. Thanks for attention. Good luck and success!