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Basis, originally Basecoins, was 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 was 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 would be returning all capital to its investors and shutting down operations due to the difficulties of launching Basis in line with United States securities regulations.
On May 5, 2017 Basis announced raising an undisclosed amount of seed funding from IOSG Ventures.
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.
On February 21, 2018 Basis announced expanding their seed funding round with an undisclosed amount of funding from Social Starts and Access Ventures.
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.
