San Francisco-based blockchain project Thor Token is shutting down as the project “was not able to gain traction and achieve commercial success.” The news was announced by co-founder and CEO at Thor, David Chin on April 9.
Thor — which was built on Neo (NEO) — has announced it is closing its doors as it reportedly could not manage to raise enough capital to come up against the lack of sales, as well as find a new place where it could benefit from more resources.
Chin revealed in the post that the company has been trying to find the right person or entity to hand over the Thor project in order to let it continue, however it has not been able to find one for an acquisition at this time. Chin further stated:
“Thor will be ceasing operations in the near future given no other funding or acquisition offers are found. [...] All Thor code and products will remain open source for the community to use, modify, or fork, for its benefit.”
Recent months have seen the closure of various digital currency projects. Last December, news broke that major United States-based stablecoin project Basis would shut down operations and return the majority of the $133 million in funding it raised in a private placement last April to its investors. The move was reportedly due to regulatory concerns around one of Basis’ token types.
In January, Chinese cryptocurrency mining giant Bitmain announced it would reduce its operations in the Netherlands. Bitmain said that the move was part of its longer-term roadmap of cost-saving measures. Bitmain reportedly suffered as a result of decreased profitability of Bitcoin mining in past months, with Bitcoin (BTC) circling around $4,000.