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Australia’s Tagz announces closure citing COVID-19

Jibin Mathew George

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Source: Pixabay

In what is yet another example of the COVID-19 pandemic taking a toll on not just people, but businesses, including crypto-companies and entities, noted Australian crypto-exchange, Tagz, has announced that it will be ceasing operations by the end of next month. This development comes on the back of a few other crypto-exchanges shutting down this year, most notably Brazil’s XDEX.

It should be noted, however, that XDEX didn’t expressly make any mention of the pandemic when it made the announcement. However, it did cite “market projections,” a metric that was undoubtedly affected by the fact that COVID-19 was ravaging the world at the time.

Australia’s Tagz, however, was more forthright, with the exchange stating,

“Due to the COVID-19 pandemic and external factors out of our control we have had to make the tough call to decommission the exchange.”

The exchange was keen to stress on the fact that such a closure was a forced one, adding that the “decision to shut down operations did not come lightly.” Interestingly, it would seem that the pandemic alone could not be responsible for the exchange’s predicament, with its statement reading that the exchange has struggled to remain profitable for the last 12 months, with many ideas and plans failing to keep it afloat.

The exchange will be giving a 30-day notice to all its users and customers, following which, any crypto-assets not withdrawn will be forfeit and added to liquidated company asset holdings.

Jibin is a news editor at AMBCrypto. With over three years of experience as a political writer, he primarily focuses on the political impact of crypto developments. A graduate in Law and International Relations, his writing is by and large focused on cryptocurrencies from the political and financial perspective. A Liverpool FC fan. YNWA

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