RATE Group | Cryptocurrency project Basis to shut down and return funding to investors
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Cryptocurrency project Basis to shut down and return funding to investors

14 Dec Cryptocurrency project Basis to shut down and return funding to investors

Posted at 06:30h in Cryptocurrency News by

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NEW YORK (Reuters) – Basis, a cryptocurrency project that in April announced it had raised $133 million from a slew of high profile investors, said on Thursday that it was shutting down and returning the funds to its backers because of regulatory concerns.

The project, which was being developed by U.S.-based company Intangible Labs, had aimed to create a new type of cryptocurrency known as a “stablecoin” that could maintain a stable price and be more usable than existing digital coins whose value in dollars is highly volatile.

“Unfortunately, having to apply U.S. securities regulation to the system had a serious negative impact on our ability to launch Basis,” Nader Al-Naji, chief executive of Intangible Labs, said in a blog post on Thursday. “As such, I am sad to share the news that we have decided to return capital to our investors. This also means, unfortunately, that the Basis project will be shutting down.”

The project’s investors included Google’s venture…

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