Crypto prediction platform Veil shuts down not one year after launch

Veil is the crypto prediction and derivatives platform that launched back in January. Not even a year later, it is already shutting down. Its services will be suspended on July 24 and it will no longer be possible to build new prediction markets through the company. As for why the firm is even shutting down, it would appear that not a lot of people were interested in its services and operation became unsustainable.

In a blog post on Medium, Veil co-founder Paul Fletcher-Hill explained the details of the startup’s issues and its shutdown. He also noted how this particular announcement was meant to give users a heads up before the doors are fully closed.

“We’re making some big changes at Veil, and we want to make sure our users and the broader community know what is happening,” the post reads.

“The most important update is that our team has decided to sunset the Veil product. This was a tough decision to make, but ultimately we failed to find a good fit between what we were building and the market as it exists today. We believe that cryptocurrencies and the decentralized web will have profound effects on our future. But today the community of users is small, and we think there are higher impact products and services we can build for the immediate future.”

Users are also given instructions as to what they should be doing right now. Among the steps that users can do is to “Redeem all your open positions in expired markets” and “Withdraw any positions you have in active markets.”

On that note, the development team behind Veil will be retained by the investment studio, Hill Street Labs, Coindesk reports. It would seem that a new project is in the works and is about to be announced, as well, so this closure does not mean the end for its creators.