Evaluating only Bloom’s profile at its peak — without knowing the outcome — the model ranked Market collapse as the #1 likely cause. Documented cause: No market fit.
Key Events Timeline
FOUNDING
Bloom founded in San Francisco to build decentralized credit scoring using Ethereum smart contracts.
FUNDING
Token sale raised $30M; BLT token reached $2.50; company signed MoUs with several emerging market banks.
LAYOFF
Core team reduced as BLT token fell 95%; financial institution partnerships failed to convert to deployments.
SHUTDOWN
Protocol abandoned with no active commits; team disbanded; BLT token down 98% from all-time high.
Full Analysis
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Documented cause
Bloom, co-founded by Jesse Leimgruber and Ryan Faber in San Francisco in 2017, raised $30M including a token sale to build a decentralized credit scoring and identity verification system on Ethereum. The BLT token collapsed over 98% from its 2018 peak of $2.50 to near zero by 2022. The company struggled to onboard financial institutions that refused to base credit decisions on blockchain data. By 2022, the team had disbanded and the protocol was effectively abandoned with no active development.
Lesson
“Incumbents won't adopt decentralized credit data when centralized FICO scores meet all their needs.”