It’s always a sad day when a promising project has to shut its doors and turn happy customers away, but that’s exactly what Blockport has had to do after a failed STO. Blockport dubbed itself as the easiest way to buy and sell cryptocurrencies, and was hosting an STO to raise funds to help develop and deploy more features to help traders take advantage of the lucrative crypto markets. However, after failing to reach its soft cap, Blockport has filed for bankruptcy and will take its platform offline at the end of June 2019.
ICO Glory to STO Failure
During the crypto boom where ICOs were being hosted in their thousands, Blockport managed to scoop up a rather juicy $15 million. However, requiring just a little more funding to continue growing on its current trajectory, Blockport launched a $1.13 million STO back in April. The STO ran from April 15th to May 15th and failed to reach the rather low soft cap. Blockport isn’t legally required to restart operations and file for bankruptcy, but the platform confirmed that it would be taking this route.
It’s Not All Over
For Blockport users, the game isn’t completely over – for now at least. Blockport added that it will take the platform offline at the end of June, and it will continue to work on it in “stealth mode”. Once the platform is up to scratch and ready to launch once more, we could see Blockport make a return to the crypto trading world – much to the delight of its current fans.
STOs Are Still Booming
Many people are calling this the beginning of the end for the STO funding round fad, but it appears to be the only one that failed – maybe investors gave up after its ICO? Elite Mining is currently running a $6.4 million STO funding round to help develop and grow is green crypto mining operations. Pledges are rolling in fast and it looks like it will be completely sold out within a few weeks. Huge funding rounds like this are still succeeding, begging the question – did Blockport do something wrong?
Last month, Orchid Labs managed to secure $43 million in funding and is now back in action developing a new internet experience. The money is out there and the money is flowing, so the only reason Blockport failed to hit its soft cap is down to its own internal issues. If ICO investors failed to see any returns or benefits, they could likely be put off from investing once more. Hopefully Blockport can finish its platform in “stealth mode” and launch in the future when the ICO boom is back.
