Basis stablecoin closing down

Basis stablecoin closing down

The Basis stablecoin initiative which generated $133 million, is closing its business and has announced repaying investors with the remaining funds. It was backed by Bain Capital Ventures, GV, Andreessen Horowitz, and others. Reportedly, the company is closing down operations citing the regulatory obstacles in connection with the launch of its stablecoin project. However, no official statement has been made at this regard.

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