The Basis project, which is developing algorithmic stablein, made the decision on the termination of activities and return of investments, according to The Block.
According to the publication, to this decision the project team was forced pressure from regulators, although details are still unknown. Probably algorithmic model Basis, despite high praise from leading members of the community, it is not currently possible to implement in accordance with the regulatory standards of the United States.
Note that at the end of March 2018, the company-developer of the project Intangible Labs raised $125 million through the sale of SAFT contracts. Then, in mid-April, the investments in Basis had increased to $133 million.
This was preceded by a closed round of funding that took place in autumn 2017, when the project was supported by Andreessen Horowitz, Bain Capital Ventures, the Digital Currency Group, MetaStable Capital, Pantera Capital and PolyChain Capital.