The UK Bitcoin exchange Netagio today announced intentions to close the exchange as of the 18th of March, opting instead to launch a wealth storage business which will safe guard cash in money vaults across the globe.

Speaking on the closure, Simon Hamblin, CEO of Netagio, said:

"As with any early stage business, we have kept the business plan under close and constant review. We have worked tirelessly to protect our customers' interests and in response to demand introduced USD and EUR order books, followed by credit / debit card payments options.

From the outset we voluntarily subjected ourselves to rigorous external audits and have implemented strict regulatory and compliance requirements (AML and KYC) in order to operate an orderly and transparent Bitcoin market place and contribute to the overall transparency and best practice in the Bitcoin industry.

We are immensely proud of our efforts and achievements to date while facing the reality of a stagnating market place in Europe, in an environment of regulatory and political uncertainty facing Bitcoin businesses. As experienced Board representatives we recognise when industry winds blow in other directions and it is time to review and restructure.

We look forward to bringing our experience and established credibility to bear in the new wealth storage venture. At the time when trust in banks is low and potential bank bail-outs across Europe are a reality, the need for alternative ways to safeguard savings is clear, with cash savings significantly on the increase. Our heritage in gold and Bitcoin storage puts us on the right path to work with our partners to provide highly secure, globally located vaults to fulfil our customers' cash safekeeping needs."

Netagio's exit from Bitcoin and entry into fiat comes as a record amount of money has been stolen from banks across the world.