Plug pulled on revolutionary platform
“It was good fun and didn’t cost that much to launch, but I’m busy enough with my plumbing business"
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.