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'basis' Stablecoin Calls It Quits, Returns Funds To Investors

by financemagnates.com posted 11months ago 38 views
The company announced that regulatory concerns had put an insurmountable roadblock in their plans. : Basis, a ‘stablecoin’ cryptocurrency network that raised $133 million from investors in April, announced on Thursday that it will be shutting down due to regulatory concerns. Funds will be returned to investors, which include Andreessen Horowitz, Bain Capital Ventures, hedge fund manager Stan Druckenmiller, former Federal Reserve governor Kevin Warsh, Lightspeed Venture Partners, and a number of other powerful VC firms and high-volume individual investors in the tech space.

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