UAE's First Bitcoin Startup Shuts Down
Bitcoin payments firm YellowPay, by some accounts the first industry startup in the Middle East, has shut down for undisclosed reasons according to members of its founding team. Forming in 2014, YellowPay had sought to promote bitcoin as an e-commerce solution in the Middle East, enlisting a former managing director for PayPal as a senior advisor. Despite this traction, other sources suggested the startup faced issues with its business model, including a decision to continue to emphasize the benefits of digital currency for online payments, a business strategy that has fallen out of favor....
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