A crypto project backed by the founder of Ethereum has announced its closure

Ethereum (ETH) co-founder Vitalik Buterin has backed numerous crypto projects over the years, some of which have thrived while others have not.

One such venture, the privacy-focused Nocturne protocol, recently announced its decision to cease operations.

The Nocturne team share the news, saying the company will close and phase out operations, although withdrawals will be allowed through the end of the month.

"We decided to shut down the company after shutting down the privacy protocol we created early last year. The nocturne.xyz front-end will remain available for withdrawals until the end of this month.”

Based in the US, Nocturne Labs aimed to offer users in the ecosystem Ethereum the ability to trade anonymously. The platform has facilitated both deposits and withdrawals for its users.

In October 2023, Nocturne Labs secured a $6 million seed round with notable contributions from Ethereum co-founder Vitalik Buterin, Bain Capital Crypto and Polychain Capital. Despite this early support, the project failed to realize its goals.