Terra-born Leap Wallet exits crypto market by May 28

Leap Wallet will shut down its products by May 28, ending a crypto wallet project that began in the Terra ecosystem and later expanded to Cosmos and other chains. 

The closure affects its browser extension, mobile apps, web app, exchange tool, and validator service.

Leap said on Friday that it plans to sunset its software suite by May 28. The shutdown covers its browser extension, iOS and Android apps, Leap WebApp, Swapfast exchange platform, and Leap Cosmos Hub Validator.

The team said the decision came after building across multiple networks since 2022. In a post on X, it said, “We started Leap in 2022 to redefine what wallet experiences in crypto mean.” It added that the project later grew across “100+ chains.”

Leap also said the move was difficult for the team. It stated, “This decision was not made lightly,” while adding that it still believes in the long-term future of crypto and the interchain ecosystem.

Leap said noncustodial users will still be able to access their assets after the shutdown. The team explained that users can restore the same wallet address through another wallet by using a recovery phrase or private key.

The FAQ said there is no need to move assets to a new address. It explained, “There is no need to withdraw or send your assets to a new address,” because importing the recovery phrase or private key will restore access to the same address.

The team also issued a separate notice for Cosmos users who delegated ATOM to Leap’s validator. It asked them to redelegate to another validator if they want to keep earning staking rewards.

Project began in Terra ecosystem

Leap launched in late 2021 with a $50,000 grant from Terraform Labs, the now-defunct firm behind TerraUSD. In early 2022, the project raised a $3.2 million seed round co-led by CoinFund and Pantera Capital.

At the start, Leap positioned itself as a wallet focused on Terra, with tools for staking LUNA, trading, and connecting with applications such as Anchor and Mirror. It aimed to offer a wallet experience similar to what MetaMask built for Ethereum and Phantom built for Solana.

After the collapse of Terra in 2022, Leap shifted its focus and expanded into the wider Cosmos ecosystem. That move allowed the project to continue as a multi-chain wallet after its original market changed.

The shutdown now closes that chapter for the wallet. While the apps and related services will go offline, users will still retain control of their assets through standard wallet recovery tools supported by other providers.