Terraform Labs CEO pseudonymously co-created failed stablecoin project Basis Cash, CoinDesk reports

– Do Kwon, co-founder and chief executive of the development firm behind the Terra blockchain, was closely involved with an earlier stablecoin effort that failed to gain traction.
– Basis Cash, an Ethereum-based stablecoin, was an effort to revive an algorithmic stablecoin concept known as Basis. Basis was a venture-backed project that folded amid concerns about regulation.
– Basis Cash first was unveiled in August 2020. The disclosure is significant given the turbulence around TerraUSD (UST), an algorithmic stablecoin that has seen its value fall significantly in recent days.
– TerraUSD (UST) was first launched in September 2020.
– According to former employees of Terraform Labs, Kwon was one of two pseudonymous co-founders, going by the moniker Rick Sanchez, a reference to the adult cartoon show Rick and Morty, and that Basis Cash was largely developed by Terraform employees.

20200527 Stablecoin Exchanges Daily Terraform Labs CEO pseudonymously co-created failed stablecoin project Basis Cash, CoinDesk reports
Terraform Labs CEO pseudonymously co-created failed stablecoin project Basis Cash, CoinDesk reports 2

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