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Imzy, a Utah-based startup that wanted to create a friendlier online community—a "nice Reddit"—said on Wednesday that it's shutting down just two years after its founding, and only seven months after opening its website to the public. The company's final day will be June 23.

"Unfortunately, we were not able to find our place in the market. We still feel that the internet deserves better and hope that we see more teams take on this challenge in the future," co-founder and CEO Dan McComas wrote in a blog post announcing the shutdown.

Backstory: Dan McComas and Jessica Moreno left their jobs at Reddit in 2015 to form Imzy. They aimed to create a safer and more inclusive site whose rules banned hate speech. It claimed to have amassed tens of thousands of users with over 6,000 Imzy communities, and had raised $8 million in funding led by Index Ventures.

Go deeper

Dion Rabouin, author of Markets
20 mins ago - Economy & Business

The digital dollar is now high priority for the Fed

Illustration: Aïda Amer/Axios

The U.S. is starting to get serious about a central-bank-backed digital currency, with recent comments from top officials laying out the strongest support yet.

Driving the news: On Tuesday Fed chair Jerome Powell told Congress that developing a digital dollar is a "high priority project for us," but added that there are "significant technical and policy questions."

Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

Coinbase files to go public

Illustration: Eniola Odetunde/Axios

Cryptocurrency exchange Coinbase on Thursday filed to go public via a $1 billion direct listing.

Why it matters: This comes in the midst of a crypto boom, and the listing may further legitimize the industry.

Trump’s blunt weapon: State GOP leaders

Trump supporters rally near Mar-a-Lago on Feb. 15. Photo: Joe Raedle/Getty Images

President Trump didn't have to punish his critics in Congress — his allies back in the states instantly and eagerly did the dirty work.

Why it matters: Virtually every Republican who supported impeachment was censured back home, or threatened with a primary challenge.