Meld, a crypto-focused mobile neobank and lending protocol, has announced it will be winding down its crypto operations by January 1, 2025. According to an X post, despite the community’s support and recent product launches, the company cited a lack of additional funding and limited user adoption as the main reasons for this decision.
- Operations to End by January 2025: Meld will suspend all crypto support at the beginning of the new year.
- Funding Shortfalls: The company faced unanticipated challenges in raising funds for marketing, team costs, and infrastructure.
- Possible Ecosystem Takeover: Discussions are underway with interested entities to potentially acquire the Meld ecosystem.
The announcement follows three years of product development from the Meld team, led by its founder. However, since launching, Meld has struggled to secure the necessary resources for continued growth and outreach. This financial strain has ultimately led to the decision to cease operations.
Meld is currently engaging in talks with several parties interested in acquiring its ecosystem. While the specifics remain uncertain, Meld has assured the community that it will share updates on any potential acquisition or transition. Until the end of the year, Meld’s ecosystem will continue operating as usual, giving users time to adjust to the upcoming changes.
MELD crypto Community Response
The community has responded fairly dissapointedly on the announcement. Users are accusing MELD of “overpaying the team” and more so of “asking community to add more liquidity” just a few days before the announcement of the winding down.
