‘Basis’ Stablecoin Calls it Quits, Returns Funds to Investors

Basis, a ‘stablecoin’ cryptocurrency network that raised $133 million from investors in April, announced on Thursday that it would be shutting down due to regulatory concerns. Funds will be returned to investors, which include Andreessen Horowitz, Bain Capital Ventures, hedge fund manager Stan Druckenmiller, former Federal Reserve governor Kevin Warsh, Lightspeed Venture Partners, and a number of other powerful VC firms and high-volume individual investors in the tech space.

“Unfortunately, having to apply US securities regulation to the system had a serious negative impact on our ability to launch Basis,” a blog post by Nader Al-Naji, chief executive of Intangible Labs, said on Thursday.

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