Today, we're sharing a significant update from Staging Labs with many mixed emotions. After considerable reflection and thorough evaluation, we've reached the difficult decision to sunset our consumer cryptocurrency wallet protection service, Saferoot, effective February 23rd, 2024. This marks both an end and a new beginning for us at Staging Labs.
Our journey over the past year has been remarkable. We've dedicated ourselves to developing solutions to help consumers protect their digital assets. Highlights include scanning over 350 million transactions on Ethereum, showcasing our coverage and capability in real-time security. The enthusiasm and trust from our community, with over 10,000 sign-ups, have motivated our efforts. Achievements like winning a Smoothie 1st place award, partnering with MetaMask Snaps, and helping users navigate crypto security complexities have made us proud of what we've done together.
This journey has taught us valuable lessons about the crypto security landscape. Consumer expectations often align with security being an integral part of the platforms they use, similar to built-in antivirus software in the Web2 world. The bear market has shifted priorities, with users focusing their spending elsewhere. Our insights suggest that the future likely lies in embedded wallets and built-in security solutions, challenging the standalone wallet model and add-on security paradigm we’ve known to hold true.
These insights have guided our decision to pivot. Our path forward is clear: harnessing our strengths and insights to focus on a parallel product that offers a solution to a scalable hair-on-fire problem. This new direction is about adapting and aligning more closely with our vision to make the Web3 space more secure and viable.
We do not make this decision lightly. We understand its impact on our users and stakeholders and are committed to ensuring a smooth and orderly transition. We're here to provide information on the wind-down process, including refunds, and to answer questions.
We cannot express enough gratitude for your support, feedback, and belief in our vision. As we navigate this transition, we're committed to ensuring a smooth and supportive experience for our users:
As we begin this chapter, Staging Labs is taking a significant stride forward. We've developed transaction rejection technology that's garnering substantial attention from financial institutions. This shift signifies our dedication to utilizing blockchain expertise for impact and growth. While we're exploring partnerships, our vision remains focused: to address challenges for institutions within the blockchain sector. We're thrilled about this new direction and look forward to sharing more as our plans progress.
Your voice has been crucial to our journey, and it remains so as we explore these new possibilities. We invite you to stay connected and share your thoughts:
From the bottom of our hearts, thank you for being an integral part of Saferoot's story. Your trust, support, and engagement have shaped this journey in ways we could never have imagined. As we look to the horizon, filled with both challenges and opportunities, we're excited to embark on this next chapter together, with you by our side.
Frankie & Jake
As we navigate this transition, we understand you may have questions. Here are answers to some of the most common queries: