Basis was a proposed cryptocurrency that is designed to have a stable valuation by shrinking and expanding its availability. Intangible Labs, Inc., the sponsor of Basis, intends for Basis to be usable for transactions while preserving other positive attributes of global cryptocurrencies like decentralization and privacy. According to the Basis white paper, an ad hoc "central bank" will expand and contract the number of Basis coins in circulation in order to maintain the value of Basis against a pre-specified peg ($1 per basis, for example).
Basis was known as Basecoin until its sponsor, Intangible Labs, Inc. announced it had raised $133 million in its initiative to make Basis a stable cryptocurrency. Intangible Labs, Inc. stated in an SEC Form D filing that it had issued $125 million in a SAFT.
In a statement published on its website on December 13, 2018, Intangible Labs announced that it was returning investor monies and shutting down Basis stating, "Unfortunately, having to apply US securities regulation to the system had a serious negative impact on our ability to launch Basis."
- Princeton graduates' crypto-currency wins backing of big U.S. investors. Reuters.
- Basis: A Price-Stable Cryptocurrency with an Algorithmic Central Bank. Intangible Labs, Inc..
- Introducing Basis, a Stable Cryptocurrency with an Algorithmic Central Bank*. Medium.
- Form D. SEC.
- Letter to Basis Community. Intangible Labs.