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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.

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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.

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