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Colton Dillion 🎩
@cadillion
Hey everyone, I have bad news: @hedgehog is shutting down at the end of this month. There will be an email going out in the morning, but I just published to the blog. If you want to read more about what's expected this month, the newsletter is here: https://blog.hedgehog.app/hedgehog-shutdown-letter-150/
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Cherry_BlossoⓂ️
@ansakrghtn
Please tell me why it's ending understandably
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Colton Dillion 🎩
@cadillion
The basic gist is that we couldn't find enough customers with enough assets to pay our bills. Why that is, I could write a few pages about, but the short version is that regulations in the US were unfriendly and it scared off a lot of traditional firms and HNWs that were otherwise interested in deploying capital.
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Kieran Daniels 🎩
@kdaniels.eth
Proud of you guys. Hedgehog is a valuable product and a great idea. This is a hard thing to navigate but the one door closing so another can open saying is real.
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Colton Dillion 🎩
@cadillion
Thanks fren, it's been tough to finally let it go, there's always another opportunity on the horizon, but the cost of foregoing other opportunities has just been growing over time. It'll be good to finally put it to rest.
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Kieran Daniels 🎩
@kdaniels.eth
I raised $2m and built a consumer app on gnosis. It took us 3 years and we launched and it was working with plaid and Wyre etc. 6 weeks later FTX happened, our on-ramp got shutdown overnight and lead investor froze all deals (nothing to do with us) and I had to slowly accept it and wind down the company and not work elsewhere for 7 months. Once I finally let go it helped me understand that I can’t control everything and that sometimes timing rules everything in the end no matter how valuable things are. Stoked for you man! Upward and onward
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Colton Dillion 🎩
@cadillion
Ah yeah, the FTX bs killed our deal with our bank too. We had an ODFI agreement and everything, we would have been able to open legit bank accounts and onramp to crypto from a cash account you own, and attach a card to your MPC wallet funds. And we had a deal at like $0.60 an account and $0.07 per ACH 😭 We ended up pivoting to plaid within a couple months but it killed our flexibility and our margins
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Kieran Daniels 🎩
@kdaniels.eth
dude exactly the same journey. Ended up having to increase fees to meet margins and it was working but still obviously too reliant on bank rails. The stuff thats happening with smart wallets and base USDC is very interesting, can probably replace the need for onramps and plaid very soon.
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