Belgian crypto exchange platform bit4you will not be listed on the Brussels Stock Exchange (BSE) after failing to raise sufficient investment capital, l'Echo has reported.
Chainius, bit4you's parent company, proved unable to reach its €5 million crowdfunding target, and was similarly unsuccessful in its bid to garner several million euros' worth of financial support from institutional investors.
Chainius' goal had been to use to the accumulated funds to purchase shares in Beluga, a holding company already listed on the BSE. After failing to meet its funding targets on two previous occasions, Chainius has finally admitted defeat.
"We were mistaken about the market's appetite for financing a project in the field of crypto," bit4you's co-founder Marc Toledo said. "And we were not served by the 'crypto winter', which hit the market hard."
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The crypto sector has performed drastically below expectations this year, with the price of bitcoin dropping from $47,700 at the start of the year to $16,700 today.
In November, crypto's economic and reputational problems were significantly exacerbated by the collapse of $32 billion crypto exchange platform FTX, whose founder, Sam Bankman-Fried, is currently under investigation for fraud.
Toledo had claimed back in September that bit4you's revenues had decreased by more than 70% in 2022. The company had enjoyed a bumper 2021, in which it facilitated up to €1,7 billion worth of crypto transactions.
