Wallet of Satoshi, a leading Bitcoin Lightning wallet provider, has announced its departure from the US market. This decision marks a notable shift in the landscape of digital currency applications in the United States.
Another player quits the US market
The move came to light when several users noticed the absence of the Wallet of Satoshi (WoS) app from Apple’s App Store and Google’s Play Store in the United States. This discovery coincided with the app nearing a significant achievement of over a million transactions in a single month. On November 24th, members of the crypto community reported their inability to find the WoS app in these stores, with some being redirected to alternative wallet applications. Interestingly, the app remained accessible in other countries.
WoS confirmed its exit on Twitter: “We’ve dedicated ourselves to providing the best Bitcoin experience with Wallet of Satoshi, being at the forefront of Lightning usability and adoption. However, we’ve made the difficult decision to remove our app from the U.S. Apple and Google app stores, and will not serve U.S. customers going forward.”
Increased hostility or voluntary exit?
The decision by Wallet of Satoshi to exit the US market comes as a significant blow to the Bitcoin Lightning Network, which has experienced a growth surge of 1,200% over the past two years. The exact reasons behind WoS’s departure have not been explicitly stated, leading to speculation within the crypto community. Many users and analysts are linking this move to the increasingly stringent regulatory environment in the United States, especially in light of recent legal actions against major players in the cryptocurrency industry, including Binance and its former CEO, Changpeng Zhao.
The ambiguity surrounding whether this was a forced decision or a strategic move by WoS has fueled discussions about the future of Bitcoin Lightning applications in the US. Despite this setback, Wallet of Satoshi has expressed optimism for potential future developments that might enable them to re-enter the US market.
In a bid to alleviate concerns of its existing US user base, Wallet of Satoshi has reassured customers that they retain full access to their Bitcoin funds. The company emphasized that users can still withdraw and transfer their funds to other wallets, thereby ensuring that there is no risk of losing access to their cryptocurrency assets.