Cryptocurrency exchange Blockport, based in the capital of the Netherlands, has recently declared bankruptcy after an unsuccessful security token offering (STO).
The exchange started a token sale on April 16, 2019, it had lasted for 30 days and finished on May 15. The hard cap, the sum of money the team wanted to raise, was €5 million ($5.62 million). Unfortunately, Blockport did not manage to do it. It is quite strange since the exchange conducted a successful ICO at the beginning of the past year, having gathered $15 million.
After such a failure, Blockport’s cryptocurrency started falling down and as of today, it dropped by 93%. Below you can see the graph, the data is provided by CoinMarketCap.
In a blog post, the founder and Chief of Product of Blockport, Sebastiaan Lichter announced last month that the project’s STO failed to reach the minimum threshold of €1 million ($1.13 million), and that all participants would receive refunds.
“Since our first equity fundraising (STO) round was unsuccessful, we can’t uphold our planned growth trajectory and therefore have to significantly scale down our operations and team,” Lichter told Hard Fork.
In addition, Lichter stated that he was holding talks with several investors and companies to relaunch the project of Blockport.
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