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37Coins aimed to make bitcoin easy, secure to use, and accessible to everyone.
2014 – 2015 Sunnyvale, CA
Founded by Jonathan Zobro, Songyi Lee and Johann Barbie
Raised $525k in 2 rounds
Backed by 4 investors
Reasons for Failure
The delivery of Short Message Service (SMS) between carriers outside of the United States was not reliable.
New services for Bitcoin banking emerged since the company initially started. It is unclear if competition contributed to their closure or the reliability of other services allowed the 37Coins to close in peace.
Could not find product-market fit. Lack of data on specific details.