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Major Stablecoin Basis to Close, Return Funds to Investors: Sources

Major algorithmic stablecoin Basis, which raised $133 million in April, is shutting down and returning funds, say anonymous sources.

Major United States-based stablecoin project Basis will shut down operations and return most of its funds to investors, crypto news outlet The Block reports today, Dec. 12.

Citing “multiple people with direct knowledge of the situation,” the reports states that the algorithmic stablecoin project is set to return the majority of the $133 million in funding it raised in a private placement in April. Basis’ investors include major names in venture capital, among them Bain Capital Ventures and Andreessen Horowitz.

The Block reports that the firm plans to communicate directly on the reported shutdown later Wednesday evening, again citing a source with “direct knowledge of the situation.”

In private correspondence with Cointelegraph today, Nevin Freeman, co-founder and CEO of…

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2018-12-13 04:43:00

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Written by Cointelegraph

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