Bitcoin

TruStory decides to put the key under the door

3 February 2020 by Océane

If, at the beginning, the tokens started by TruStory had enlivened the canvas with a certain excitement on the part of many investors, the platform is unfortunately forced to cease its activities after less than one year of actual service.

A business model is not sustainable

Preethi Kasireddy, the founder of the platform, is responsible for communicating the news via a blog post, in which he explains that the deeper reasons have made this decision inevitable would be the non-sustainability of the business model of the platform.
Apparently, the platform had not won a real hit with users, contrary to the initial aspirations to be able to carry out its development. All in all, the error was to run Trustory prematurely on the market.
According To Kasireddy :

“To build a sustainable business, TruStory would need of million of users, which can easily buy tokens to a legal manner as well as work seamlessly on the platform on a daily basis “.

And the investors in all of this ?

As A reminder, TruStory has been launched in 2018 in order to allow users to participate in productive debates by performing a staking of tokens TRU. In effect, the users who put forward arguments that are relevant are rewarded with tokens, while those who are clumsy to lose their stakes.
At the time of its launch, the platform had raised a fund of start-up of nearly 3 million dollars from investors such notables as True Ventures, Pantera Capital, and Coinbase Ventures and many, many more.
Now that TrueStory has decided to close its doors, these investors will be obligated to get their money back, although it is not yet determined whether the part to be reimbursed would be based on the delivery of the liquidation of the assets.
What do you think of the closure of the platform TruStory ? Share your thoughts in the comment section below.
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About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.