Basis Stablecoin Startup to Shut Down

For such a decision the project team was forced by pressure from regulators, although the details are still unknown
13 December 2018   676

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.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   101

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.