STA , 17 September 2018 - Business daily Finance forecasts gloom for crypto firms as it comments on the downfall of Cofound.it, a Slovenian crypto firm that had raised millions with its initial coin offering but has now decided to shut down.

Cofound.it wanted to be an alternative to venture capital funds. It had 15 million dollars at its disposal and enough money for a few more years of operation if it wanted to.

"But 'disrupting' and 'revolutionising' is demanding and even though the 'everything goes' mentality is welcome, much more is required if you want to become like Uber or Airbnb."

The paper notes that Uber has revolutionised transportation but is yet to turn a profit, as is Tesla, even if it is building an electric and autonomous future of mobility; both have nevertheless attracted billions in investments.

In Slovenia there are quite a few companies promising to revolutionize banking, auditing, factoring, supply chains, car rental, health insurance.

And in order to do that, they need ten million each only. But as a financier once put it, banks have billions to invest and cannot build that.

"Cofound.it is not the only company to overstretch and although I sincerely wish that one of them manages to do something big, I'm afraid most of them await the same fate," the commentator concludes in ‘The End of the Cryptoparty’?