In line with a recent news ‘announced‘ by the CEO and co-founder of Thor Token project namely ‘David Chin’ stated that its shutting down its ‘blockchain‘ based project as it was not able to gain traction and achieve commercial success.
Thor- that was designed on Neo [NEO], has declared it’s closing its operations as it reportedly couldn’t manage to raise enough capital to come up against the shortage of sales, and additionally finding a new place where it could benefit from more resources.
Chin announced within the post that the firm has been attempting to seek out the right person or entity to hand over the Thor project so as to let it continue, but however it has not been able to search one for an acquisition at this period of time.
Explaining further, Chin added:
“Thor will be ceasing its operations within the mere future given no other funding or acquisition offers are found. […] All Thor code and products will still remain open source for the community to use, modify, or fork, for its benefits.”
The recent months have seen the closure of several cryptocurrency projects. Even last December, a news rumour broke-out that the major U.S. – based ‘stablecoin‘ project named ‘Basis’ would ‘close‘ its operations, thereby returning the majority of the $133 Mln in funding it raised in a private funding round placement held last April to its investors. The move was reportedly because of the regulative concerns around one among Basis’ token types.
Earlier in January, Chinese cryptocurrency mining giant namely ‘Bitmain’ declared it’d cut-back its operations price within its workplace in Netherlands. Bitmain ‘aforementioned‘ that this move was a part among its long-term roadmap of cost-saving measures. Bitmain reportedly suffered as a result of faded profitability of Bitcoin mining in past months, with Bitcoin [BTC] hovering around $4,000 USD.