ATTN: Jibrel Wallet Services are Being Discontinued

Please perform the necessary steps to back up your private phrase and import your phrase to a new wallet provider, detailed instructions are found in the end of this article.

The iOS, Android, and Web versions of the Jibrel wallet will be discontinued by Jan 30th, 2021. While the wallet as been instrumental in external projects such as the Digital Banking pilot with the Central Bank of Jordan, the wallets have not experienced significant adoption among the Jibrel community. Furthermore, Jibrel will be utilizing widely adopted wallets that have direct integration with the Tranche protocol. The Jibrel team is ending support for Jwallet in order to focus more time and resources on the Tranche protocol.

Jwallet Highlights

To date, the Jibrel wallet has seen a total of over 125,000 downloads / registrations across iOS, Android, and Web. Further, it reached over 135 top-5 rank keywords in the Google Play and Apple stores. Users from over 40 countries were able to engage with the app in 9 languages. Yet another advantage of internally developing a multi-platform wallet has been the business development potential.

For example, one of the reasons we have been able to run tests and explore partnerships with traditional financial institutions such as the Central Bank of Jordan (CBJ) is that we have internally developed a closed infrastructural system (including Jwallet, Jcash, and more), which satisfies the legal, regulatory, and security requirements of such large and respected financial institutions. Finally, many of the frontend and backend components of the Jwallet and been, and will continue to be, re-usable in general development efforts. Some of these advantages will live on beyond the consumer-facing Jwallet itself.

Shutdown Rationale

The market for Ethereum wallets is small, crowded with competitors, and limited in its adoption and monetization potential. For example, one of the most successful Ethereum wallets to date, Metamask, has only around 1 million total downloads (according to their own site). While the Jwallet was able to reach roughly 10% of those numbers to date, the scalability and monetization potential of the Ethereum wallet market appears to be extremely limited, and there are at least a dozen major competitors—many of whom are larger and/or earlier entrants to the market.

Overall, crypto software services are in a consolidation phase—as witnessed by recent high-profile mergers and acquisitions such as Poloniex (sold twice in 2 years) and Coinbase’s 12 acquisitions to date. With a few major players increasingly dominating a limited market, it is time for us to turn our attention to larger opportunities. While it’s difficult to stop working on a project that we’ve invested time and resources into, focusing on more monetizable and scalable endeavors that more directly satisfy Jibrel community members is a higher priority.

Post Wallet Shutdown

When the wallet shuts down, users will still be able to access their public and private keys. However, all other functionalities, such as sending cryptocurrencies from the wallet, will be disabled. Further development, customer support, and app updates for Jwallet will also be discontinued.

We highly recommend that you write down and store your private and public keys in a safe place, and import your assets onto a solution from another wallet provider.

User Off-boarding Instructions

How to access your Ethereum address, which holds your ETH and other ERC20 tokens, from a different wallet:

First, back up your Jibrel wallet, and then, import your back up phrase to another wallet provider.

1- Open your Jibrel Wallet, and press the wallet button found on the top right of the screen:

2- Find your wallet, and press the three buttons (menu button) on the wallet card:

3- From the menu that appears, click on “Back up wallet”

4- Read and accept the disclaimers that inform you that you will not have access to funds if you lose your wallet back up phrase, and if you lost the phrase, your assets will be compromised.

5- Write down the 12 words on a piece of paper that you can securely keep access this step.

Please note that this is an example wallet.

6- Make sure you keep the back up phrase in a safe place!

Recommended Wallets

Click on this link for a list of top Ethereum wallets. In particular, if have previously been using Jwallet to store a wide variety of ERC-20 tokens, we recommend MetaMask as well as MyEtherWallet (MEW) for that purpose. Metamask is most compatible with the Tranche protocol.

Importing your back up phrase

To import your back up phrase, all you need to do is to enter the words that you wrote down from the Jibrel wallet, into the new wallet provider.

For Metamask:

*Note: Importing a mnemonic on MetaMask can only be done when you are not logged in. It’s best to backup any existing accounts in the current MetaMask instance before importing a mnemonic.

When logged out, you can click Restore from seed phrase, right under the Login button. There, enter your seed phrase and set a password.*

1- Select the import wallet function

2- Input your back up phrase, and create a new password, which will be useful for accessing your wallet in the future

3- After you are done, you’ll be able to access your funds from your Metamask wallet, as well as interact with the Tranche protocol.

For MyEtherWallet:

1- When you open the main page, you will have two options, creating a new wallet, or accessing an old one. Select “Access My Wallet” and input your phase there.

2- Select “Software” from the list of options of accessing the wallet:

3- Select “Mnemonic Phrase” from the Software choice list:

4- Input the 12 words, and you’ll be able to access your funds from the MyEtherWallet interface.

Jibrel provides tokenized financial assets such as equities, currencies, commodities and bonds, on the Ethereum blockchain. https://jibrel.network