Coinbase-Backed Router Protocol Shuts Down by September 30

Router Protocol, a cross-chain infrastructure project backed by Coinbase, has announced it will cease operations by September 30. The team stated that attempts to commercialize their products, secure a sustainable position in the highly competitive blockchain bridging sector, or find a buyer had been unsuccessful.

The company spent over four years developing its products and during the last year conducted commercialization, licensing, and acquisition talks. However, it was unable to create a model that would allow them to continue operations.

Router Protocol cited key issues such as the shift of capital from the crypto market towards the AI sector and the decrease in asset transfer fees between blockchains. It also noted a decline in demand for router services as activity becomes more concentrated on fewer networks and standardized infrastructures.