Stablecoin developer Basis is shutting down after facing regulatory issues and will return most of the $133m it raised from investors including GV in April.
Basis, a US-based cryptocurrency developer backed by internet and technology conglomerate Alphabet, yesterday revealed it was winding down just seven months after its launch due to regulatory issues.
Basis was working on a stablecoin, a type of digital currency that maintains the same price, as opposed to rival offerings such as Bitcoin where the price can fluctuate wildly, making them difficult to use them as a payment method.
In the case of Basis, the digital coins would have been tied…
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
