March 18, 2020 Decentralized exchange, Sparkswap has announced that it is closing operations.

The decentralized exchange (DEX), Sparkswap, which operates on the Lightning Network, announced on Tuesday that it is shutting down. Sparkswap’s CEO, Trey Griffith cited insufficient user numbers as the reasoning behind the decision in his blog post. The service will cease functioning as of March 24 and the team also plans to close its Lighting Network node. Sparkswap’s code will remain open-source and the company now intends to pivot towards the broader financial technology market. The DEX was founded in 2017 and was able to raise $3.5 million from Initialized Capital, Pantera Capital and Foundation Capital in a Series A fundraising round in April 2019.