Reading the fine print: Basis pre-sale burns non-USD investors

As originally reported by The Block in mid-December, Basis, the highly anticipated algorithmic stable coin project, decided to shut down and return nearly all capital raised back to its investors.

The firm, which raised $133 million in funding, ran into regulatory headwinds as it attempted to get its algorithmic stablecoin off the ground, returning 90% of the capital back to its investors, including Bain Capital Ventures, GV, Andreessen Horowitz, Lightspeed Ventures and a number of other firms.