Stablecoin project Basis is shutting down and returning nearly all capital raised to investors

Quick Take

  • Basis, a well-known stablecoin project, is shutting down, according to multiple sources with direct knowledge 
  • Basis will return nearly all funds raised to investors, according to a large investor in the company
  • The firm ran into regulatory headwinds and decided to stop operating, according to sources
  • Basis had raised $133 million and was one of the most funded projects in the red hot stablecoin market
Basis, one of the most well-known stablecoin projects, is shutting down and returning nearly all capital raised to investors.  According to a Basis investor, Basis had a specific contract with investors defining how the majority of capital raised was required to be held. Most of the money was legally required by contract to be held […]

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May 5, 2022, 3:17PM UTC