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 editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
