Evaluating only CHANGE’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. Documented cause: Macro / political.
Key Events Timeline
FOUNDING
FUNDING
CRISIS
SHUTDOWN
Full Analysis
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Documented cause
CHANGE launched as a crypto-enabled bank aiming to bridge traditional finance and cryptocurrency, offering a bank account, exchange, debit card, and crypto portfolio in one app. The 2018 ICO raised $14.5M, fueled by the bull market. The white paper promised a regulated European banking license. The crypto crash of 2018 wiped 80% of token value and destroyed investor confidence. The banking license was never obtained. Competitors Revolut and Crypto.com executed the vision faster and with far more capital. The founding team went quiet, the app lost active users, and the project effectively wound down by 2020 without a formal announcement.
Lesson
“Token-based funding tied to product promises is fragile — if the token price collapses before the product delivers, both the capital base and the user base collapse simultaneously.”