It’s with a heavy heart that I have to say this, but the time has come to officially close down YallaBit. We’ve tried everything we could but unfortunately, the circumstances we faced with multiple entities just did not foster our innovative spirit.
We were in the midst of moving to another country but the process is taking longer than expected and it no longer makes sense for us to continue operating at this pace. The problems have started in September 2020 and we’ve been trying ever since to find an alternative solution to us coming back to the market but we’re left with no other option. We’ve been spending a lot of time and money without any returns or income. The decision from there has grown clearer by the day and it’s unfortunate that we have reached this decision of us closing down.
I wish there was more support from the Central Bank of Kuwait or/and local banks in fostering innovation and not hindering projects that are trying to achieve new things for the sole reason of them not understanding what cryptocurrency is and what it stands for. I also wish that policies would change in Kuwait to help foster new projects and new ideas to having a sustainable environment and room to grow into big things.
It’s been a pleasure having served all clients in YallaBit and thank you for your trust in us.
CEO of YallaBit