In a surprise move, tokenized project Cofound.it has elected to cease operations. The project, whose CFI token traded on Bitfinex, has decided to call it a day after reflecting on the changing market and the downturn that has turned once vibrant projects into barely going concerns. Onlookers will be watching to see whether Cofound.it’s decision will inspire other projects to follow suit, or go down in crypto history as an isolated case.
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Cofound.it Bows Out of Crowdfunding
2018 hasn’t been kind to tokenized projects. Even those that have secured listing on major exchanges, Cofound.it included, have struggled to gain traction and secure adoption. In a frank and forthright blog post, the Cofound.it team explains, “The core idea of Cofound.it was to create an alternative VC ecosystem built around crowdfunding, democratisation and transparency. Instead, the larger ecosystem developed and transformed into something completely opposite.”
They continue: “Instead of waiting for the market to turn around, we have decided to opt for creative destruction, wind Cofound.it down and distribute the assets to the token holders.” As a result of this latter promise, the CFI token surged by 20% on exchanges today. Zooming out shows a familiar picture however: a token that is down from a peak of $0.43 in January to a little over 2 cents.
It’s Better to Burn Out Than Fade Away
While critics will seize upon Cofound.it’s decision as evidence of a dying ICO market, the team’s decision is arguably more honorable than that which most projects will pursue: to slowly fade into ignominy while maintaining the pretense that everything is fine. Circumstances change and
