Basecoin

Basecoin

Basecoin, now Basis, is developing a price stable cryptocurrency also known as a stable coin.

Basecoin, now Basis, is a startup cryptocurrency company created by Intangible Labs in Hoboken, New Jersey. The founders of Basis are Josh Chen, Lawrence Diao, and Nader Al-Naji. It is designed to be robust, price-stable and backed by an algorithmic central bank that manages price volatility by pegging the value of Basis to other digital assets.

On December 13, 2018 Basis publicly announced the company will be returning all capital to its investors and will be shutting down operations due to difficulties launching of Basis in line with United States securities regulations.

Funding

Seed

On May 5, 2017 Basis announced raising an undisclosed amount of seed funding from IOSG Ventures.

Pre-sale

On October 16, 2017 Basis announced raising an undisclosed amount of capital in their cryptocurrency pre-sale from Thoobik Holdings, Distributed Global, DHVC, Curious Endeavors, Bain Capital, Andreessen Horowitz, 1confirmation, and Raymond Tonsing.

Seed II

On February 21, 2018 Basis announced expanding their seed funding round with an undisclosed amount of funding from Social Starts and Access Ventures.

Initial coin offering (ICO)

On April 18, 2018 Basis announced their initial coin offering (ICO) raising approximately $133 million in capital. Investors participating in the ICO include ZhenFund, Wing Venture Capital, Valor Capital Group, Underscore VC, Sora Ventures, Sky Capital, Polychain, Pantera Capital, Oyster Ventures, and Stan Druckenmiller.

Timeline

People

Name
Role
LinkedIn

Josh Chen

Co-Founder

Lawrence Diao

Co-Founder

Nader Al-Naji

Co-Founder

Further reading

Title
Author
Link
Type
Date

$125 Million Raised in Basecoin SAFT Sale, SEC Filing Shows - CoinDesk

Web

Bain Capital and Andreessen Horowitz Confirm Investment in New Cryptocurrency Basecoin

Reuters

Web

Basecoin Revealed: A16z, MetaStable Seek Crypto Holy Grail With Stable Token

Pete Rizzo

Web

Basecoin: A Price-Stable Cryptocurrencywith an Algorithmic Central Bank

Nader Al-Naji, Josh Chen, Lawrence Diao

Academic

Intangible labs Grabs $133 Million From Big Investors Backing Basecoin | Finance Magnates

Aziz Abdel-Qader

Web

Documentaries, videos and podcasts

Title
Date
Link

Companies

Company
CEO
Location
Products/Services

References

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