Cubits
| Industry | Payment processor / eWallet / exchange |
| Founded | 2014 (launch early 2015) |
| Defunct | December 2018 |
| Founder(s) | Tim Rehder, Julian Mautner, Andreas Lehrbaum |
| Website | https://cubits.com |
Cubits was a UK bitcoin platform for buying, selling, storing, and accepting bitcoin. It operated as a web wallet and payment service with card and bank rails in multiple currencies. The legal entity was Dooga Ltd, trading as Cubits. The company entered UK administration in December 2018 after reporting a large alleged fraud loss, and exchange and wallet services stopped.
History
Cubits was founded in 2014 and launched around January 2015. The service marketed instant buy/sell with major cards and European payment methods, cold storage for customer bitcoin, and merchant payment tools.
In 2018 the company publicly described a severe loss tied to an alleged external fraud involving client accounts and a payment processor, with reported figures on the order of tens of millions of euros. Recovery efforts were said to have failed.[1]
In December 2018 Dooga Ltd entered administration in the United Kingdom. Contemporary reports dated a company press release around 11 December 2018 and described joint administrators from Opus Restructuring & Insolvency. Users reported withdrawals frozen as the platform went offline.[2][3] Exact day labels vary slightly across secondaries (administration around 10–11 December 2018). This article follows the December 2018 administration window and the dated press materials rather than asserting a single unsourced clock time.
Products (historical)
- Web wallet for buy, sell, and custody of bitcoin
- Multi-currency fiat on-ramps and off-ramps
- Merchant / payment processing features