In the first week of September, I had a conversation with our investors and decided to shut down operations for flippy and return back around 50% of the capital raised to our investors. This was not an easy decision, and comes after due deliberation on all available options. But as a company, we have to do justice to the mission we set out on, and we have to react to the ever changing market dynamics.

We would like to inform you that we will be shutting down operations and support for flippy app on September 30th. We thank you all for the love and support that you showed for our products. But because of minimal growth opportunity in the market coupled with regulatory uncertainties in this space, we feel obligated to end our journey with flippy.

Regarding your assets and funds: Flippy has always been a non-custodial app, which means that your funds and assets are stored in your linked exchange account. For those of you who have linked their exchange account, we wish to inform you that you can always access your assets and funds on your exchange account even after we shut down access to our app. Just login into your exchange account and you will find all your assets there.

It was never an easy task that we set out to achieve. But what made it look close to possible was the incredible team that was alongside us, putting in their blood and sweat with as much entrepreneurial drive as anyone else. I will forever be grateful to all the talented people who devoted their career towards working on this mission. As a founder, I wish I could have steered this ship towards success as we had all hoped for, but unfortunately, I have failed. This failure, however, brings with it many important life lessons that I will carry with me for my next adventure.

I would also love to express my immense gratitude to all the investors, most of who responded with understanding notes of gratitude. I could not have wished for a better set of people to work with. Under different regulatory circumstances and macro-economic conditions, we would have had the courage and conviction to crack this space.

To all the people who shaped this journey for flippy and helped us along the way, I wish to thank you all. I hope to cross paths with each one of you again in the future!

-Srinidhi