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Bitcoin Exchange Harborly Closes, Seeks Acquirer

Last Updated March 4, 2021 4:45 PM
Lester Coleman
Last Updated March 4, 2021 4:45 PM

Harborly, a Houston, Texas-based exchange that allowed customers to buy and sell bitcoin in their local currency, has ceased trading after more than one year as the owners pursue a new opportunity. The company stated in a blog  on its website that it is looking for an acquirer “with the resources to see what we started through to the end.”

“We would like to state categorically that Harborly’s shutdown has not been prompted by a hack, fraudulent activity, or by a security-related incident,” the statement noted. “While that may have been true for other firms in the Bitcoin space, this is not the case for Harborly.”

New Venture Began as Side Project

The Harborly team said it wants to purse a new venture that began as a side project that has recently gained traction. “Given the potential of the opportunity, it makes far more sense for us to shift our limited resources away from Harborly to focus on this new project.”

The team noted that it was in the midst of launching in India after having begun in Canada and then moving to the U.S.

The team said it continues to believe in the future of bitcoin and “we greatly respect our peers in this space.”

The past year has been amazing. We have learned so much from the experience and are excited to turn our attention to this new venture. We hope that our paths cross in the future and that you’ll give us the opportunity to be of service to you again.

The team recommended Coinbase and QuadrigaCX to persons seeking to buy bitcoin.

Texas:  A Favorable Regulatory Environment

Harborly earlier this month relocated its headquarters from Canada to Texas, claiming it offers a favorable regulatory environment for bitcoin companies. In announcing the move, the team noted that both Texas Governor Greg Abbott and U.S. Rep. Steve Stockman support bitcoin. Stockman introduced a Congressional bill designed to protect cryptocurrencies from government intervention.

Harborly integrated Vogogo’s payment processing and risk management platform early this year.

Featured image from Shutterstock.