Basis, a project which wanted to launch a stablecoin based on a trading algorithm, has decided to close down, fearing restrictions from securities law. In a recent announcement, it said it would return the capital raised to its investors. Basis collected the equivalent of $133 million in 2017, an amount difficult to re-estimate after the 90% drop in Ethereum (ETH) and Bitcoin (BTC) prices.

Basis revealed it had considered alternative approaches to launching but gave up as it did not find a model that would appeal to investors.

“We considered many alternative paths to launch to try and comply with the regulatory constraints while keeping our product compelling and competitive. These paths included launching o…

This article appeared first on Cryptovest

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