Leap Wallet Shuts Down by May 28: Terra-Born Crypto Wallet Exits Market

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Terra-born Leap Wallet exits crypto market by May 28

Leap Wallet will stop operating on May 28th. The wallet, which originally started as a project within the Terra ecosystem, later grew to support Cosmos and other blockchains.

Summary

  • Leap Wallet will shut down its apps, web platform, exchange tool, and validator service by May 28.
  • Users can still access assets through another wallet using their recovery phrase or private key.
  • Leap began in Terra and expanded into Cosmos after the 2022 collapse changed its path.

The shutdown impacts all of their services, including the browser extension, mobile apps, website, exchange tool, and validator service.

Leap announced on Friday that it will be discontinuing its entire software collection on May 28th. This includes its browser extension, mobile apps for both iOS and Android, the Leap WebApp, the Swapfast exchange platform, and its Leap Cosmos Hub Validator.

The team announced they are shutting down Leap, a crypto wallet project they launched in 2022. They originally started Leap with the goal of improving crypto wallet experiences, and it eventually expanded to support over 100 different blockchains.

Leap acknowledged the decision was a tough one for the team. They emphasized it wasn’t made quickly or easily, but reaffirmed their continued confidence in the potential of cryptocurrency and the interconnected network of blockchains.

Users can still access funds with recovery phrase

Even after Leap shuts down, users who don’t have custody of their assets will still be able to get to them. The team says users can simply set up the same wallet address in a different wallet using their recovery phrase or private key.

I was checking the FAQ and it reassured me that I don’t need to move my crypto to a new address. They specifically said I shouldn’t withdraw or send anything anywhere else, because just importing my recovery phrase or private key will give me access to the same wallet address I’m already using. That’s a relief!

The team sent a separate message to Cosmos users who entrusted their ATOM to Leap’s validator, advising them to move their funds to a different validator if they wish to continue receiving staking rewards.

Project began in Terra ecosystem

As a researcher following the crypto space, I’ve been tracking Leap since its beginnings. It first got off the ground in late 2021 with a $50,000 grant from Terraform Labs – the company that created TerraUSD, which unfortunately is no longer operating. Then, in early 2022, the project secured a $3.2 million seed funding round, with CoinFund and Pantera Capital leading the investment.

Initially, Leap was designed as a digital wallet specifically for the Terra ecosystem. It allowed users to stake LUNA, trade cryptocurrencies, and easily connect to popular apps like Anchor and Mirror. The goal was to create a wallet experience comparable to MetaMask for Ethereum or Phantom for Solana – user-friendly and feature-rich.

Following the difficulties experienced by Terra in 2022, my team and I at Leap decided to broaden our scope and integrate with the larger Cosmos ecosystem. This strategic shift was crucial; it allowed us to successfully evolve into a multi-chain wallet, even as the original landscape we were building for changed dramatically.

With this shutdown, the wallet is officially discontinued. Although the apps and services are ending, users can still access their funds using common recovery methods available from other wallet providers.

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2026-04-04 12:56