STA, 16 December 2019 - Just over a year after its launch, the Ljubljana-based European Blockchain Hub, a cooperative designed to act as a platform bringing together blockchain stakeholders, has declared bankruptcy. The District Court of Ljubljana called on creditors to report their claims by 13 March.

Founded in October 2018 with the aim of facilitating the development of blockchain technology and start-ups based on "European values and principles of good corporate governance", the cooperative never really took off.

Its demise mirrors the general fortunes of blockchain itself, a technology that was seen as holding vast potential but became mired in fraud and unfulfilled promises.

This is despite the cooperative having been backed, at least in the initial stages, by 13 supporters, including the Slovenian government, educational and research institutions, and shopping mall operator BTC City.

Director Blaž Golob said the main reason why the cooperative had to enter bankruptcy was because some stakeholders had failed to deliver.

"One of the partners would have had to push ahead, the Tolar HashNET team, but that never happened. BTC was the best partner and invested EUR 50,000 in the project, but it did not want to be the only one," he told the business daily Finance.

Tadej Slapnik, former advisor to the government and long the main proponent of blockchain in government, meanwhile told the paper that stakeholders disagreed with Golob's management and stepped down from positions at the organisations one after another other.