Dutch Crypto Exchange Blockport to Attempt Relaunch After Bankruptcy Caused by Failed STO

Amsterdam-based crypto exchange Blockport will attempt a relaunch after the firm said it would shut down its platform by the end of May, tech news outlet The Next Web reports on June 4.

On May 22, Blockport was declared bankrupt by a Dutch court, following the firm’s unsuccessful security token offering (STO) of Blockport Securities (BPT) tokens.

Blockport first announced its STO in March, describing its BPS token as a security token that is pegged to a stake in Blockport and enables holders to profit sharing through dividends. Launched on April 16, the STO reportedly offered investors the ability to buy BPS with a minimum 500 euro ($560) investment, and lasted up to May 15.

In mid-May, Blockport revealed the STO results, claiming that the offering had not reached the expected soft cap of 1 million euro ($1.1 million). The exchange stated that it will refund its investors, adding that the platform was expected to be taken down by the end of May.

The Blockport website remains live at press time, with the main page still saying that the firm offers the “easiest way to buy and sell cryptocurrency.”

According to The Next Web, the platform is still online due to the unfinished refund process, while the company is planning to “properly take it offline” as soon as all refunds are finalized.

While the date of the shutdown is still reportedly not scheduled, Blockport founder Sebastiaan Lichter revealed that the company will continue to develop its products in “stealth mode.” Lichter added that Blockport is in talks with “several parties for a potential relaunch.”

In mid-May, blockchain infrastructure firm Blockstream launched its security token platform allowing businesses to issue security tokens on the Liquid Network.