Promising crypto bank FairX announced the closure, what is the reason?

FairX representatives have announced the closure of the crypto platform on their Twitter blog. The reason for this decision is the lack of funding.

According to information from the Twitter blog FairX, over the past 14 months, the company has had difficulty attracting the necessary financial support to obtain a license to operate from the FDIC (Federal Deposit Insurance Corporation).

Mike Dowling, CEO and founder of FairX, noted with regret that the platform model conceived by the team was quite simple. The FairX team planned to operate in the Stellar network, however, the company did not manage to attract the attention of crypto investors, in particular, due to the fact that the company had difficulties with the release of its product due to pressure from regulators, as well as the inability to present a worthy centralization, which is an annoying factor for many crypto whales.

Dowling even suggested that blockchain might not be the best solution for the banking sector. He, however, hopes that the Libra project will manage to cope with the regulators.