Leap Wallet will shut down all its products by May 28, including its browser extension, iOS and Android apps, Leap WebApp, Swapfast exchange platform, and Leap Cosmos Hub Validator. The project, which began in the Terra ecosystem and later pivoted to Cosmos after the 2022 collapse, is ending operations.
In a post on X, the team said that since launching in 2022, they had been building across multiple networks. "We started Leap to redefine what wallet experiences in crypto mean," they wrote, adding that the project later grew to span over 100 chains. The team stressed that the decision was not made lightly but that they still believe in the long-term future of crypto and the interchain ecosystem.
Users Can Recover Assets via Seed Phrase
Leap confirmed that non-custodial users will not lose access to their funds. Users can restore the same wallet address through another wallet by importing their recovery phrase or private key. The FAQ states: "There is no need to withdraw or send your assets to a new address," as importing the seed phrase or private key will restore access to the original address.
For Cosmos users who delegated ATOM to Leap's validator, the team recommends redelegating to another validator by May 28 to continue earning staking rewards.
From Terra Grant to Cosmos Pivot
Leap launched in late 2021 with a $50,000 grant from Terraform Labs. In early 2022, it raised a $3.2 million seed round co-led by CoinFund and Pantera Capital. Initially, Leap positioned itself as a Terra-focused wallet, offering tools for staking LUNA, trading, and connecting with apps like Anchor and Mirror. The goal was to provide a wallet experience similar to MetaMask for Ethereum or Phantom for Solana.
The 2022 Terra collapse forced a strategic shift. Leap moved into the broader Cosmos ecosystem, becoming a multi-chain wallet. Now, with the shutdown, that chapter closes. While the apps and services will go offline, users retain full control of their assets through standard wallet recovery tools supported by other providers.