Satori Finance, backed by Coinbase, to shutter July 16

Satori Finance, a decentralized exchange for perpetual futures backed by Coinbase Ventures and Jump Capital, will close operations on July 16, the company announced. The platform will remain online through the shutdown date to allow users to settle positions and withdraw assets.

The team posted the notice on X, saying the platform will cease operating after July 16 at 7:59 p.m. ET. Users were instructed to close open trades and remove funds during the transition window. The post warned that customers may not be able to access assets after the cutoff.

Satori said it raised $10 million in 2022 and supported trading across multiple chains, including Ethereum, BNB Chain and layer-2 networks such as Base and Arbitrum. Company figures list more than 3 million customers and roughly $99 billion in lifetime trading volume.

The firm cited extended weak market conditions and sustained revenue shortfalls as the reason for the shutdown. In the announcement, Satori wrote, “Unfortunately, due to prolonged unfavorable market conditions, our revenue has not been sufficient to sustain operations, and continuing to run the platform is no longer financially viable.”

Satori also reassured users about asset safety during the wind-down. “We want to reassure you that your assets remain fully safe and under your control throughout this transition period,” the team wrote, and described steps designed to let customers withdraw funds in an orderly way.

The company did not provide a mechanism for transferring assets after the platform closes or outline plans for a relaunch. The message urged users to act before the specified cutoff and to follow the withdrawal procedures while interfaces and smart contracts remain accessible.

The shutdown comes amid a broader decline in trading activity linked to lower crypto prices. Bitcoin has fallen about 48% from an all-time high of $126,080 to roughly $65,340, a slide that platforms say has reduced fee revenue. Recent industry exits include a layer-2 network and several NFT and gaming projects, and earlier this year some infrastructure and decentralized finance firms also ceased operations.

Satori’s closure follows the firm’s public notice and the company will maintain its systems only until the stated deadline to allow customers to retrieve assets.