Dutch Exchange Goes Bust After STO Flop

Dutch Exchange Goes Bust After STO Flop

A Dutch exchange platform called Blockport has had to close its doors due following a dreadful Security Token Offering (STO).

Blockport’s plan was for the STO to raise a total of €5 million, but it didn’t work out like as the STO was a massive flop and failed to even break the €1 million threshold set by the company. As a result, the company announced they would refund users.

Due to the failed fundraising technique, it was then announced they would stop offering their own native tokens and make cutbacks. With their CEO stating, “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.”

Following this statement, their native token crashed in dramatic fashion, dropping in price by more than 90%. They have since filed for bankruptcy and closed their main company operations at the end of May. However, they are now not completely out of the picture and are still operating behind closed doors but whether a recovery is hard to see at this time.

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