It is never good to see cryptocurrency exchanges shut down or temporarily suspend their services. Although most cryptocurrency traders may have never heard of NovaExchange, the company has proven quite useful to newer altcoins looking to gain traction. Due to a change in management, the platform will begin the process of shutting down at the end of this month. The platform will reopen in April of 2018, though.
NovaExchange gets new Management
One thing most smaller altcoin trading platforms have in common is how no one really knows who is operating the platform. In the case of NovaExchange, virtually no one has any idea who is taking care of day-to-day operations right now. That isn’t necessarily a problem, mind you, but it is something to take into account. This may soon come to change in the case of NovaExchange, depending on how its new owners decide to approach matters come April 2018.
In an email sent out to all customers a few days ago, the NovaExchange team explained that the platform will be under new management come April 2018. There are a lot of questions which remain unanswered in this regard. No one knows whether the owner sold the platform, or if it was acquired by another exchange or cryptocurrency company. Nor do we know if there will be any restructuring or major changes coming to the platform in terms of supported currencies. All of this will become clear eventually, but some more transparency would certainly be appreciated.
As a result of the change in management, the company will halt all trading and deposits by the end of this month. There is no user registration page anymore either, and Ethereum and Ethereum Classic deposits have already been halted as of a few days ago. All other altcoins can still be deposited for now, but that won’t be the case for long. The trading engine will remain active on the platform until the end of February 2018. That in itself is another strange decision, to say the least.
Any remaining user balances that have not been withdrawn on or before April 1st, 2018 will be considered to be donations to the team. This means users still have a good five months to get everything in order. Then again, there is no reason to keep one’s money on a platform that will undergo major changes in a few months from now. Moreover, users won’t be able to log in after March 31st either, and all user data will be wiped completely in early April. It appears the new management plans to go ahead under a completely new name, which is an interesting decision.
All of this information is pretty intriguing, to say the least. With so many critical details kept under wraps on purpose, there will be some initial excitement as to what will happen to NovaExchange and its team. Its involvement with BitConnect may not have been the smartest decision, although that doesn’t appear to have been a contributing factor in this change. Over the past few months, the platform’s service has degraded quite a bit. Front-end outages and slow API responses have lessened NovaExchange’s appeal to altcoin traders.
New competition is always welcome in the world of cryptocurrency exchanges. That being said, the time has come to move away from centralized platforms as a whole. Decentralized solutions and even atomic swaps are in development as we speak. When those solutions finally come to market, it may become very difficult for any centralized exchange to survive for much longer. An interesting future lies ahead for cryptocurrency; that much is rather evident.