September 17 (SeeNews) - Slovenia's crowdsourced venture capital firm Cofound.it said it is shutting down, with assets set to be distributed to token holders.
Cofound.it has decided to shut down over the failure of the Initial Coin Offering (ICO) market, the company said in a statement late last week.
"The core idea of Cofound.it was to create an alternative VC ecosystem built around crowdfunding, democratisation and transparency. Instead, the larger ecosystem developed and transformed into something completely opposite," the company explained.
"Instead of waiting for the market to turn around, we have decided to opt for creative destruction," Cofound.it added.
On its website the company describes itself as a platform that connects blockchain believers to teams that are building serious blockchain businesses.
Last year, it carried out the biggest presale of CFI tokens raising $14.8 million (12.7 million euro).
($=0.859499 euro)