FairX, a monetary services company attached banking and digital assets, has shut down its operations as it didn't establish a licensed commercial bank.

According to a FairX Twitter thread on July 19, the corporate has fallen short of setting up a licenced national bank due to a lack of funding. FairX was attempting to lift funds for the planned bank over the past 14 months that it represented as:

“... a new, licensed, totally regulated national bank, modeled as a monetary market utility, that will work with people and banks to form a dematerialized bank deposit, denominated in USD. The bank was Frank monetary.”

“This dematerialized bank deposit would act, in several respects, equally to a stablecoin, except a stablecoin this wasn't. A stablecoin, by its definition, isn't an asset which will settle transactions between banks within the context of, say, ACH [automated clearing house] or CC [credit card] transactions,” the posts additional explained.

The company stresses that it succeeded in introducing its business idea to regulators, complying with know your customer, Anti-Money laundering and counter-terrorism funding rules, additionally as in receiving positive feedback from regulators. Once initiating its binary stage, FairX realised that it required another injection of capital.

At that time, the crypto investment community backed out supposedly because of the bank’s perceived centralization.

Yesterday, Top Market Group according that Indian cryptocurrency exchange Cryptokart ceased its operations. Cryptokart’s founder, Gaurang Poddar, represented the closure of the exchange as “difficult, given the toil we've place in” however concluded that overall the expertise was positive. Poddar said he was proud of the platform and appeared intent on remaining within the field, stating, “If you recognize anyone curious about launching their own exchange, please let me know.”

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