FairX, a company planning to bring crypto-based banking services, on Saturday announced the termination of its operations due to lack of funds.
In a series of consecutive Twitter posts, Michael Dowling, the founder of the company, detailed the company had been struggling to raise funds for the last 14 months.
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Ultimately, our business model was simple: introduce a new, licensed, fully regulated national bank, modeled as a financial market utility, that would work with individuals and banks to create a dematerialized bank deposit, denominated in USD. The bank was Frank Financial.
— fairx (@fairxio) July 19, 2019
Established in March 2018, FairX was aiming to leverage Stellar network to built a banking platform that could take both Stellar token and fiat and convert them in any other digital token.
Though since April, the crypto market has been recovering from the year-long bear, many crypto-related businesses are closing their operations due to lack of funds or regulatory uncertainties. Most notably, four crypto exchanges in India terminated their operations this year.