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Stock impact report

Cryptocurrency Project Basis Is Shutting Down. Here’s What Its Lead Investor Has to Say [Fortune]

Salesforce, Inc. (CRM) 
Last salesforce, inc. earnings: 2/25 04:06 pm Check Earnings Report
Company Research Source: Fortune
Basis, a once-highflying cryptocurrency project, is shuttering. Formerly known as Basecoin, Basis raised $133 million in venture capital earlier this year to develop a so-called stablecoin, a cryptocurrency whose price remains fixed, despite market volatility. The company said in a post on its website Thursday that it would return the remainder of its funds to investors, including Andreessen Horowitz, Lightspeed Venture Partners, and GV, the venture capital arm of Alphabet , Google’s parent company. Salil Deshpande, an investor at Bain Capital Ventures who led the investment round in Basis, discussed Basis’ closure on the latest episode of Balancing The Ledger , Fortune’s show on the intersection of tech and finance. Deshpande said Basis tried to make changes to its intended product that would make it comply with U.S. securities law—the cause of its undoing—but the company ultimately found this wasn’t worth the effort. “The team explored a whole bunch of alt Show less Read more
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