According to Foresight News, Web3 security company Stelo Labs announced that it will terminate all Stelo product services, including the Stelo plugin, stelo.com, approvals.xyz, and the Stelo API, on October 31, 2023. Stelo stated that when it began researching Stelo, it hoped to address hard technical and design issues surrounding security and usability. However, after building the Stelo product suite for a year, it realized that many of the assumptions it had made were ultimately proven incorrect, such as 'transaction security would generate data network effects,' 'every cryptocurrency user would have an independent wallet,' and 'consumer cryptocurrency adoption is imminent.' Stelo Labs said it would share more plans in the coming weeks. Foresight News previously reported that in February 2023, Stelo Labs completed a $6 million seed funding round led by a16z.