Stelo Labs, a Web3 security company previously backed by a16z, announced the termination of all product services

ChainCatcher news, Web3 security company Stelo Labs announced that it will terminate all Stelo product services on October 31, 2023, including the Stelo plugin, stelo.com, approvals.xyz, and the Stelo API. Stelo stated that when it began researching Stelo, "it hoped to address the hard technical and design issues surrounding security and usability, however, after building the Stelo product suite for a year, it realized that many of the assumptions made earlier turned out to be incorrect, such as the belief that transaction security would create data network effects," "every cryptocurrency user would have a separate wallet," and "the adoption of consumer cryptocurrency was just around the corner."

Stelo Labs stated that it will share more plans in the coming weeks. According to the crypto data platform RootData, in February 2023, Stelo Labs completed a $6 million seed round of financing, led by a16z.