Retail-Favorite Unbanked To Wind Down Operations Months After Raising $2.2 Million From Retail Investors

In a surprising turn of events, blockchain-based financial services provider, Unbanked, today announced its decision to wind down operations. The company, established in 2018 with the ambition to bridge the gap between the blockchain and traditional financial systems, cites regulatory hurdles and difficulties in raising capital as the main reasons behind this unfortunate decision. This update comes just 25 days after their most recent raise and only eight months after raising $2.2 million from retail investors on Republic. Unbanked’s unique value proposition allowed for the seamless integration of blockchain technology with traditional banking infrastructure, including bank accounts and debit cards. This innovative approach gave customers greater control over their money, while offering lower fees and convenience, demonstrating the benefits of a “best of both worlds” scenario. Despite initial skepticism about the integration of blockchain into traditional banking networks, Unbanked has proven its critics wrong. The company successfully supported more than 25 companies across various countries and served hundreds of thousands of users, reshaping the crypto landscape over the last five years. However, Unbanked’s commitment to operating within the confines of stringent U.S. ...Full story available on Benzinga.com