The Basis project, which develops algorithmic stablebcoin, has decided to cease operations and return attracted investments, The Block reports.
According to the publication, for such a decision the project team was forced by pressure from regulators, although the details are still unknown. Probably, the algorithmic model of Basis, despite the high marks of the leading representatives of the community, is currently not possible to implement in accordance with US regulations.
Note that at the end of March 2018, the developer of the project Intangible Labs raised $ 125 million through the sale of SAFT contracts. Then, in mid-April, investments in Basis rose to $ 133 million.
This was preceded by a closed round of funding that took place in the fall of 2017, when the project was supported by Andreessen Horowitz, Bain Capital Ventures, Digital Currency Group, MetaStable Capital, Pantera Capital and PolyChain Capital.