Coinbase-Backed Crypto Perps Exchange Satori Finance Is Shutting Down
Satori Finance, a decentralized perpetual futures exchange backed by Coinbase Ventures and Jump Capital, is shutting down because prolonged weak crypto market conditions left it unable to generate enough revenue to keep operating. The platform raised $10 million in 2022 and supported perps trading across Ethereum, BNB Chain, Base, Arbitrum, and other networks. It will stay live for about a month while users are urged to close positions and withdraw funds before operations end on July 16 at 7:59 p.m. ET, after which access to assets may no longer be possible. Satori said user funds remain safe during the transition. The shutdown adds to a broader wave of crypto business failures and layoffs tied to the market downturn, including recent closures in gaming, NFT, and infrastructure sectors.
