Crypto Bank FairX Shuts Down Due to Lack of Funds

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.

London Summit 2019 Launches the Latest Era in FX and Fintech – Join Now

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.

Leave a Reply

Your email address will not be published.