TruStory Project Backed By Coinbase Shuts Down

A blockchain project that has the goal of crowdsourcing productive debates, named TruStory, has announced today that it is closing down, so let’s find out more about it in the coinbase news today.

The CEO of the project, confirmed the news through the blog post on the Medium channel of the company, calling on the regulatory problems and the lack of market readiness. TruStory appeared in the first half of 2018 at the end of the ICO boom.  Preethi Kasireddy, the founder and CEO of the Company, realized that the cryptocurrency market was full of wars and misinformation between the various factions and developed TruStory as a tool of bringing the order of some kind into the anarchical system that is cryptocurrency sphere.

The idea was that the TruStory platform should have functioned as a reputation-focused social media platform. Crowdsourced wisdom would have determined the validity of the various claims, while the users were rewarded in-network tokens for the honesty they expressed and in the process build their reputation.

The project demonstrated important early potential.
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Serious career past was established by Kasireddy at the time she founded the platform, with her experience on the deals team at Andreessen Horowitz and as a software engineer at Coinbase. At the time she launched TruStory in 2018, the project experienced a seed funding round that was led by True Ventures, which brought $3 million form entities like Coinbase Ventures, Pantera Capital and various other investment firms and angels.

The newest announcement confirmed that these funds will be given back to the various investors that invested them. In the focus of its promising beginnings, the newest news that TruStory is closing down will probably surprise many of the people in the crypto community. The blog post confirms the multiple reasons behind the decision, like the regulatory environment about tokenization in the U.S. that is cited as being “too hard”.

It also notes the lack of the very needed infrastructure for the mainstreamization of tokens and the fact that the cryptocurrency market is still not big enough to provide the necessary environment for the project to grow. While TruStory displayed an abundance of potential at first, it is customary that projects who are found throughout the ICO boom period eventually fail.  An analysis published in 2019 from Longhash, utilizing data aggregated from sites like  CoinMarketCap and DeadCoins, makes the estimation that almost two-thirds of about 1,000 failed crypto projects were deserted or were traded at almost zero volume.