Google Ventures and Y Combinator backed bitcoin exchange startup Buttercoin, is shutting down this month, after failing to raise new investment.

According to a note on buttercoin website, the company states that it will be turning off its service on Friday, April 10, 2015 and asked its users to move their bitcoins to another service and remove their dollar balances before the closing date.

More so, any unclaimed funds will be returned to the accounts that they came from, added buttercoin.

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Buttercoin which was founded in 2013, with the aim of tackling the global remittance space, also known as, money that migrant workers send to their relatives back home.

The World Bank estimates that some $515 billion will be sent in developing countries this year and Buttercoin wants to open local exchanges in a range of countries to facilitate cheaper cross-border currency transfer.