POAP Shuts Down Despite Adoption by Coinbase and Amex

POAP (Proof of Attendance Protocol) is shutting down after more than five years in operation, despite its adoption by major companies such as Coinbase and American Express. Co-founder Isabel Gonzalez announced the wind-down on August 3.

The platform had minted nearly 7.6 million badges for over 46,000 issuers before entering maintenance mode in March. Existing collectibles remain on-chain, but their continued access through POAP's gallery and applications depends on how long the company maintains its supporting infrastructure.

Gonzalez cited a business model that could not sustain itself without weakening the project's original purpose, stating 'crypto's funding cycles and distribution dynamics made it hard to build a sustainable company without cannibalizing the ethos that made POAP mean something.'