Trends in Blockchains and Cryptocurrency continue to be closely monitored. The wild swing in price of bitcoins has shaken the market, leading to a number of startups failing.

Envion, a Switzerland-based startup that claims to make use of renewable energy in providing off-grid cryptocurrency mining has reportedly shut down. According to Handelsblatt Global report, the cantonal court of Zug in Switzerland ordered the shutdown.

As reported by BTCManager in July 2018, the Swiss Financial Market Supervisory Authority (FINMA) launched an investigation into the ICO conducted by Envion AG, after the startup and its founders allegedly violated the Swiss banking laws by illegally accepting deposits from contributors during its crypto-based fundraiser.

According to the company,

Envion is an innovative Swiss-based blockchain startup from Berlin, Germany, that delivers smart, scalable off-grid solutions to maximize the value of renewable and traditional energy worldwide. With strong ties to many leading energy companies in Europe and the Middle East, Envion enables energy producers to succeed in creating a sustainable advantage through downstream vertical integration.

To expand the value chain of energy producers, Envion has created a smart global network of satellite-connected modular crypto-mining units that transform energy into crypto-assets right at the source.

Investors Asked to Identify Themselves Formally

The Zug cantonal court ordered liquidation of Envion. The bankruptcy office has mandated all Envion investors who wish to get refunds identify themselves via a letter within one month following the announcement.