Basis Cash
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Basis Cash was an algorithmic stablecoin founded in November 2020.[1] Basis Cash (BAC) was inspired by a project called Basis.[2][3][4] The inspiration, Basis (not to be confused with Basis Cash), was one of the earliest algo-stables, founded in 2018 and it raised $133 million[5] before having to return all the funds by order of the SEC.[6] Basis Cash had eponymous founders based off of the cartoon Rick and Morty. It was later revealed that Do Kwon, founder of Terra, was Rick.[7] Basis Cash had a popular launch but never achieved stability, ultimately fizzling out after trading publicly at prices from $400 to the current price of $0.006.
References
- ↑ https://medium.com/basis-cash/overall-guide-for-basis-cash-79b606c5ba8c
- ↑ https://docs.basis.cash/
- ↑ https://twitter.com/BasisCash/status/1296467077302226946
- ↑ https://www.coindesk.com/markets/2017/10/13/basecoin-revealed-a16z-metastable-seek-crypto-holy-grail-with-stable-token/
- ↑ https://www.coindesk.com/markets/2018/04/18/bain-lightspeed-back-first-ico-with-133-million-basis-funding/
- ↑ https://www.forbes.com/sites/michaeldelcastillo/2018/12/13/sec-rules-kill-cryptos-top-funded-startup/?sh=55c3c65c2918
- ↑ https://www.coindesk.com/tech/2022/05/11/usts-do-kwon-was-behind-earlier-failed-stablecoin-ex-terra-colleagues-say/