Cryptocurrency Project Basis Is Shutting Down. Here’s What Its Lead Investor Has to Say28.28

Basis, a once-highflying cryptocurrency project, is shuttering.

Formerly known as Basecoin, Basis raised $133 million in venture capital earlier this year to develop a so-called stablecoin, a cryptocurrency whose price remains fixed, despite market volatility. The company said in a post on its website Thursday that it would return the remainder of its funds to investors, including Andreessen Horowitz, Lightspeed Venture Partners, and GV, the venture capital arm of Alphabet, Google’s parent company.

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