DeFi platform Zapper stops operations on August 3

DeFi platform Zapper is shutting down. The company announced that it is ending all operations and stopping all services on 3 August. This means the platform’s website, mobile apps and API will no longer be available. For existing API users, Zapper will provide guidelines for transitioning to alternatives.

Decision after thorough evaluation

Zapper examined several options before reaching this decision. The management states that the company could not envisage continuing operations under the current circumstances. Co-founder and CEO Seb Audet indicated that Zapper did not achieve what it had set out to do: more broadly driving DeFi adoption among users.

The platform raised $15 million in a Series A funding round in 2021, led by Framework Ventures. Investors such as Coinbase Ventures, ParaFi Capital and other backers also participated in that round.

Support for the team

Zapper says it is actively involved in seeking new opportunities for team members. The management notes that the team is of great importance and that it strives to assist everyone during this transition.

The closure of Zapper marks the end of a platform that aimed to simplify DeFi interactions for users. Although it could not achieve all its goals, the company played a role in the decentralised finance ecosystem during its existence.