Crypto Exchange Blockport Vows To Relaunch As Disastrous STO Causes Bankruptcy
Blockport was declared bankrupt by a Dutch court on May 22, after the firm’s unsuccessful security token offering (STO) of Blockport Securities (BPT) tokens. The firm announced its first STO in March and described the BPS token as a security token pegged to a stake in Blockport. The token holders will share profit through dividends.
The STO launched on April 16 and lasted up to May 15, offering investors the ability to buy BPS with a minimum 500 euro ($560) investment. The firm revealed the STO results in mid-May claiming that it did not reach the expected soft cap of 1 million euro ($1.1 million). Following which, the exchange promised to refund its investors adding that the platform will close down by May end.
As of now, the Blockport website is live and the front page still quotes a message offering the “easiest way to buy and sell cryptocurrency.”
According to The Next Web, Blockport is online due to the impending unfinished refund process and that the company plans to “properly take it offline” as soon as all refunds are finalized.
Though the date of the shutdown is still unscheduled, the founder of Blockport, Sebastiaan Lichter reveals the company will continue to develop its products in “stealth mode.” Lichter further stated that the firm is in talks with “several parties for a potential relaunch.”
Image source – Blockport Twitter