We’re discontinuing Donut

Dear Donut users,

It is with a heavy heart that we announce the discontinuation of Donut.

Over the past year, there have been a number of unprecedented market events in crypto which all culminated with Genesis — one of our providers — suspending redemptions. Although significant progress has been made towards a resolution for a substantial recovery of funds, our business has been significantly and negatively impacted by this recent event.

Sadly, we feel we have no other alternative than to take our apron off.

What happens next

Starting today, here’s what this means for our users:

  • The Donut App will be removed from App Stores by March 31, 2023.

  • We've migrated user accounts to a new web dashboard where users can view their balance, and statements, and make future withdrawals.

  • Support will remain accessible and Market Updates will be published as new information becomes available.

We’ll also ensure that users have adequate support throughout the recovery process once distributions begin.

Transparency in our decision

Donut was created with a simple mission to provide mainstream access to the power of crypto. In recent years, there have been exciting innovations that offer novel methods for earning, trading, and exchanging assets. All of these have the potential to make the world more equal. Yet, to provide the user experience required for mass adoption, our belief was that centralized and decentralized infrastructure needed to work seamlessly together.

When our primary service provider, Genesis, suspended redemptions, it was heartbreaking for us.

Overnight, our users were unable to access their funds or the benefits of our service, and our income evaporated. Being a small team of 15 reliant on that income stream, we have no other choice than to let go of our team and shut down.

Though this journey has come to a close, we remain big believers in DeFi & crypto and are inspired by the work our colleagues continue to do in the space. Unfortunately, it was not meant for us this time.

To our users, thank you for your continued product feedback, support in our journey, and for believing in the future we were building together. Your kindness, contributions, and encouragement will not be forgotten.

To our shareholders, thank you for your trust during the past years and the belief you had in our product and team. During tough times many of you have gone above and beyond the call of duty. While we were not able to deliver the outcome we had hoped for, we did everything in our power to make this venture a success.

To our employees, until your very last day, you showed your loyalty to our customers and fought hard for the continuation of our business. You constantly rolled up your sleeves to face the next challenge together, constructively and positively. You are all heroes, and it’s been an honor leading you.