Basis Shutting Down Due to Regulatory Pressure
By
Konstantin Rabin
Konstantin Rabin, financial expert and crypto enthusiast, unveils what hides behind the recent shut down of once promising stablecoin project – Basis.
Konstantin Rabin, financial expert and crypto enthusiast, unveils what hides behind the recent shut down of once promising stablecoin project – Basis.
Basis, a stablecoin project, that raised $133 million this April, is shutting down its operation and returning money to investors.
Stablecoins are the goal of achieving genuinely price-stable cryptocurrencies that can effectively function as a medium of exchange, store of value, and fungible unit of account.
Basis’ Stable Coin is believed to help curb volatility by adjusting the supply depending on the demand while keeping the value of each token around one USD.