Buttercoin, a US-based bitcoin exchange, has announced it will be closing on April 10th. Users have been warned to transfer their bitcoins to another service.

The notice on Buttercoin’s website explains the decision to shut down the service by a lack of venture capital interest in bitcoin:

“With the dip in bitcoin interest among Silicon Valley investors, we weren’t able to generate enough venture capital interest to continue funding Buttercoin.”

The company had previously raised more than $1 million in investments from Google Ventures, Floodate, Initialized Capital, Centralway Ventures, and Rothenberg Ventures.

The bitcoin community was not satisfied with Buttercoin’s explanation, citing instead the startup’s poor branding its failure. The name for the startup, Buttercoin, had been chosen unwisely, Reddit users think.

“Branding was horrible. Butter makes you think of ‘fat’, and calling it Buttercoin makes it sound like another currency. Buttercoin.com may have been the best domain they had lying around, but it would have been worth their money to spend a few grand buying a better domain name or come up with a new word and use that,” one bitcoin forum user wrote.

Other users noted that the “coin” at the end made users think about another cryptocurrency, like altcoin, and that this was the reason the startup had not been able to draw enough users.

Another possible difficulty with Buttercoin that may have led to its closure might have been the security of users’ accounts, the Reddit discussion suggests. The process of linking a Buttercoin account to a bank account required users to reveal usernames and passwords for their online banking systems. Buttercoin passed their clients’ banking details on to a third-party bank verification company, Knox Payments. This might have caused security concerns for some users.

“I’m in IT, and us IT people spend a ton of time and effort trying to train users that nobody will ever ask for any passwords for anything, and you should never give anybody your passwords for any reason. And here they are saying ‘Sure it’s all gravy, trust us!’ I wasn't a fan, not of having to trust them with my bank login, and certainly not at the idea of them training others that it’s okay to give your bank password out for any reason, ever,” one Reddit user said.

Bitcoin exchanges that have shut down recently include Crypto-Trade, Netagio, and the Canadian marketplace Vault of Satoshi.