The blog post went on to state that the team realized that the odds were against them succeeding. This is why the team decided to close shop, return funds and thank all who supported them.<\/p>\n
\nWe owe our sincere thanks to everyone who supported us and our project\u200a\u2014\u200afrom the extraordinary backers and partners who believed in us, to the outstanding team that joined us in our mission. You gave us the opportunity to change the world, and we\u2019re looking forward to trying again.<\/p>\n<\/blockquote>\n
What are your thoughts on the stablecoin project of Basis shutting down due to regulatory hurdles?\u00a0 Should they try again? Please let us know in the comment section below.\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"Just yesterday, the crypto and investor communities woke up to news that the highly anticipated stablecoin project of Basis was ceasing operations and returning a majority of its funds to investors.\u00a0Backed by\u00a0Bain Capital Ventures, GV, Andreessen Horowitz, Lightspeed Ventures, Stanley Druckenmiller, Polychain Capital and more, Basis was meant to utilize its one of a kind algorithm to bring a new era of stablecoins in the crypto and investing ecosystem. However, the complexities of the coin’s algorithm was its Achilles heel […]<\/p>\n","protected":false},"author":22,"featured_media":28924,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,825,800,947,37,24],"tags":[1409,5573,65,866,1322,268],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/29041"}],"collection":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=29041"}],"version-history":[{"count":0,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/29041\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media\/28924"}],"wp:attachment":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=29041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=29041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=29041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}