Stablecoin project Basis is shutting down and returning the majority of capital raised to investors70.56

Basis, one of the most well-known stablecoin projects, is shutting down and returning the majority of capital raised to investors.

The firm, which raised $133 million in funding, ran into regulatory headwinds as it attempted to get its algorithmic stablecoin off the ground, said multiple people with direct knowledge of the situation. As a result, Basis is shutting down operations and returning the majority of capital raised to investors. Backers include Bain Capital Ventures, GV, Andreessen Horowitz, Lightspeed Ventures and a number of other firms.

Original source
https://www.theblockcrypto.com/2018/12/12/stablecoin-project-basis-is-shutting-down-and-returning-the-majority-of-capital-raised-to-investors/

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