Dutch Crypto Exchange Files for Bankruptcy

The Next Web reported on June 4 that Dutch crypto exchange Blockport declared bankruptcy following a Security Token Offering (STO) failed to meet its goal, but the exchange has published a blog post in which they said that they were focusing on exploring “opportunities that support a restart of the Blockport platform in the future.”

Blockport, headquartered in Amsterdam, had not reached the soft cap of $1.2 million for its Blockport Securities Token (BPT). The token would have allowed users to gain dividends from their stake in the Blockport platform. The ICO lasted for a month from April 16 to May 15.

Blockport founder, Sebastiaan Lichter, speaking to Hard Fork, said,

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.

The founder also said that it would continue to work on features as it prepared efforts for a restart,

The platform is still online so that we can properly take it offline and assist users with withdrawing their funds. We will communicate an exact date and time when the platform will go offline.

The team itself offered an update, saying that the downsizing has not affected the plans for a restart,

As part of the downscaling process, the operating company Blockport B.V. that is currently operating the platform will file for bankruptcy due to the costs attached to his entity. This however does not have any effect on our efforts to organize a restart of the Blockport platform.

STOs are seen as an alternative to ICOs, which some see as the future of fundraising in the industry.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.