Savvy Graphic
Reading Time: 2 minutes(Last Updated On: June 1, 2019)

The Zug-based cryptocurrency payment processor and wallet Savvy, formerly Paybear is closing its platform. The news comes just months (back in February) after Savvy rebranded from being Paybear which was aimed at a more friendly brand towards their overall goal.

We wanted you to be one of the first to know that we will no longer be supporting the current version of our crypto payment processor and wallet after Friday, 14 June, 2019. After months of careful deliberation, the team has decided to take the project in a new direction.

via Savvy’s email
Cryptocurrency Payment Platform Savvy Goes Private 1

Savvy notified users of its platform via email about the upcoming changes along with a notification on its website, screenshot shown on the right.

The notification notes that the change will take effect on the 14th of June 2019 after which anyone wishing to use the new system, partnerships and investment requests will be reviewed.

Savvy was founded with the mission of making crypto easy for people and businesses around the world. Paybear Savvy was well-planned at achieving those aspirations as a cryptocurrency payment platform aimed at making the addition of cryptocurrency payments to your eCommerce store or website easy.

Savvy Boasts over 3,000 merchant customers and has processed over US$10 million worth of transactions via Merchants/eCommerce platforms.

The rebranding also saw the addition of an update to its core merchant API offering, Savvy Merchants, and a new multi-currency crypto wallet, called Savvy Wallet. Moves which advanced its goals of being both a consumer and business-focused platform.

What Is Next?

Savvy notes that it will soon announce the “next phase” of its brand in coming months.

Savvy notes the following platforms for current users of its platform which don’t “business processes at least $1,000,000 per year”. Those who do, they say will receive a new alternative by replying and/or inquiring by email.

Existing Savvy users are being asked to transfer all of their funds from their wallets and switch to a new payment platform before its Friday 14 June, 2019 deadline.

The current Payment and Wallet platform after Friday 14 June 2019 will no longer be functional.

If you have any questions about your account, this announcement, applications, media, partnership or investment requests, please contact us at [email protected].

So it would appear that the platform will be focusing more on businesses with the process at least $1,000,000 per year for its private e-commerce platform. If our understanding of the Savvy email and notification on its website are correct.

Marketing and promoting a Cyrptocurrency payment platform is a huge undertaking but these measures by Savvy are obviously are aimed at making its operations more profitable and efficient.

The reason it gives for the changes which they have long carefully discussed with its team is that “we can no longer support all of our merchants to the same high standards in the next phase of our evolution.”

In closing its notification email, Savvy thanks users of its platform over the past couple of years for making the Savvy platform possible.

What are your thoughts on Savvy going private? Share them below in our comments section and follow us on Twitter for more stories just like this.

© 2019, Lance Cameron. All Rights Reserved