The shutters have come down on YoursMineShag barely a year after it was launched.
Company founder Ron Smith-Galer says that although it was initially greeted with widespread enthusiasm, it failed to attract sufficient liquidity to make it viable in the longer term.
“We had a few problems with the platform’s name. Firewall issues meant we struggled to get the number of banks we wanted connected. I did reconsider rebranding and I looked at changing the model and inserting a central counterparty, but after being told just one too many times that it was a solution looking for a problem, I decided to cut my losses,” Smith-Galer says.
One of the names considered was apparently FXWasteofSpace. “One trader told me that we were a waste of space, so I thought I might as well use that name. It would have got a little bit more attention, if nothing else, but I was concerned about getting done for passing off,” he adds.
“It was good fun and didn’t cost that much to launch, but I’m busy enough with my plumbing business. I just didn’t want to subsidize the platform any longer, nor have my attention diverted from my proper business,” Smith-Galer concludes.