Algorithmic Stablecoin Basis Calls It a Day over Regulatory Pressure

2018-12-14 12:41

Basis, a much-criticized stablecoin that wanted to use an algorithm to keep a dollar-pegged value, has shut down its operation, citing pressure from US regulators.

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pressure basis stablecoin shut value dollar-pegged down

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Stablecoin project Basis is shutting down and returning funds to investors because of regulatory pressure

Basis, one of the most well-known stablecoin projects, is shutting down and returning the majority of capital raised to investors, the Block reported citing multiple sources with direct knowledge. The company, which raised $133 million in funding, faced with regulators as it attempted to get its algorithmic stablecoin off the ground. As a result, Basis […]

2018-12-13 11:38