The failure of Basis is a reminder of why some Silicon Valley investors shied away from the cryptocurrency industry in the first place. The cryptocurrency industry has had a wild, peak-to-valley year. Case in point: The news today that Basis — one of Silicon Valley’s buzziest attempts to create an alternative to traditional currency — is shutting down. Basis said it raised $133 million just this April from blue-chip venture capitalists like Andreessen Horowitz and Alphabet’s GV.