Paucity of Finance Leds To Close Down of FairX

FairX, a financial services company involved with banking and digital assets, has shut down its operations as it failed to gain funds to operate as licensed national bank from the Federal Deposit Insurance Corporation (FDIC). In its Tweet, “Only a bank (or trust, maybe), licensed to do the business of banking, can agree to a deposit agreement with an entity, with the guarantees of withdrawal and insurance therein. NO other business arrangement can create this setup…”

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