Term Sheet — Friday April 20

WHAT'S THE RETURN POTENTIAL OF A $1 CRYPTO?

Good morning, Term Sheet readers. Jen Wieczner filling in for Polina today. Follow me on Twitter @jenwieczner or email me at [email protected]

On Wednesday, my colleague Robert Hackett brought you the news that the startup behind cryptocurrency Basis raised $133 million from Bain Capital Ventures, Andreessen Horowitz and several other investors.

But the deal didn't at first seem to add up. See, Basis is a cryptocurrency that will be...

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