Coinbase-Backed Harpie Shuts Its Doors, Here’s What Happened
The post Coinbase-Backed Harpie Shuts Its Doors, Here’s What Happened appeared on BitcoinEthereumNews.com.
Harpie shuts down operations despite strong backing from Coinbase Ventures and Dragonfly Capital. Harpie will provide a tool to help users safely transfer their crypto assets. Harpie, one of the Web3 security projects that was once the hope of crypto users for asset protection, suddenly announced the complete closure of its services. In fact, Harpie’s name had surfaced after receiving financial support from two major players such as Coinbase Ventures and Dragonfly Capital. Unfortunately, even though the technology and vision offered were quite advanced, Harpie was unable to survive in the long term. Source: harpie.io Its flagship service, an on-chain firewall, is designed to detect and block suspicious interactions directly from the user’s wallet. This feature is quite helpful amid the rise of phishing and smart contract exploitation. But apparently, innovation alone is not enough. When it comes to sustainability, Harpie has to step down. They admit that their current business model is unable to support long-term operations. Why Did Harpie Collapse? Many may wonder, how could a project that has raised up to $4.5 million in funding since 2021 just collapse? The problem is not about technology. Instead, this is more of a classic startup challenge: how to make money from the solutions offered. Building high-level security for the crypto industry is a noble endeavor, but without a steady cash flow, it’s tough. Furthermore, Harpie isn’t the only Web3 security startup grappling with the same issue. Many other security projects are also struggling to balance innovation with profitability. In a world as fast-paced as crypto, building technology isn’t enough—there has to be a sound business strategy. Users Can Still Move Funds, Rewards Will Be Honored Fortunately, Harpie isn’t letting go of its responsibilities. In the coming days, it will be rolling out a tool on its website that will…
Filed under: News - @ March 28, 2025 11:27 am