According to Foresight News, Web3 security company Stelo Labs announced that it will terminate all Stelo product services, including the Stelo plugin, stelo.com, approvals.xyz, and Stelo API, on October 31, 2023. Stelo said that when it started working on Stelo, it hoped to solve hard technical and design problems around security and usability. However, after a year of building the Stelo product suite, it realized that many of the assumptions made before were ultimately proven to be incorrect, such as "transaction security will produce data network effects", "each cryptocurrency user will have a separate wallet", and "consumer cryptocurrency adoption is just around the corner". Stelo Labs said it will share more plans in the next few weeks.
Foresight News previously reported that in February 2023, Stelo Labs completed a $6 million seed round of financing, led by a16z.
