Blocto, the mainstream wallet for the Flow ecosystem, announced the suspension of operation. The FLOW coin price fell by more than 99%, causing long-term losses for the project. Trying to meet with the leadership for half a year to no avail
Comparing the news, the cross-chain smart wallet project Blocto said in a social media post:
After serving more than 2 million users for five years, it is with a heavy heart that the Blocto wallet service will soon be terminated.
As Flow's earliest ecosystem supporter, Blocto built the ecosystem's main infrastructure, including the Blocto wallet, BloctoSwap, Blocto cross-chain bridge, and BlocToBay. We've also set up the highest-used FLOW staking node. We're incredibly proud to have partnered with top projects and served millions of users.
However, simply focusing on building great products isn't always sustainable. As the FLOW price dropped from a high of nearly $40 in 2021 to now below $0.3 (a drop of more than 99%), Blocto has been operating at a severe loss. Over the past few years, we have accumulated losses of more than 5.5 million dollars to maintain community service. But that can't last forever. Realizing that operating capital was about to run out, we began trying to communicate with Flow/Dapper's leadership in June of this year.
After 6 months of tireless efforts, we haven't been able to get a chance to meet with the leadership. Every email exchange takes weeks, and our remaining funds are constantly draining. In these months, we have had neither clear support nor constructive discussions on sustainable development paths. Today, we don't have the funds to continue to bear these costs.
The Blocto wallet, BloctoSwap, and Blocto cross-chain bridge will cease operations as of December 18, 2025 at 7 p.m. PST (end date). The staking service of Blocto's own nodes is unaffected.
Notably, Blocto completed Series A financing with a valuation of $80 million in February 2023. Mark Cuban, IPX, and 500 Global participated in this round of financing. The exact amount of financing was not disclosed. At the time, Blocto already supported the Aptos, Ethereum, Solana, Polygon, Flow, and BNB Chain networks.
