2022-08-13 08:00:00

Skynet Labs, a Blockchain Startup, has Shut Down after Failing to Secure New Financial Support

Skynet Labs, the blockchain firm behind Siacoin, is closing down due to a lack of funds. 



As per a blog post published on Friday, it will also be laying off workers.



The venture previously recognized as Nebulous raised $3 million in a financing round led by cryptocurrency investing behemoth Paradigm in 2020. 



Skynet Labs was founded to concentrate on Skynet, a decentralized storage and app hosting framework that aims to lay out a decentralized internet.



In a blog, CEO David Vorick stated it is with disappointment that they proclaim Skynet Labs is incapable of accomplishing its next phase of raising funds and will be closing down.



But, he stated that Skynet will keep functioning as a forum, stating that consumer files will remain digital and key components of the facilities will be constantly improved.



Skynet Labs has reduced its workforce by half and will further reduce its workforce over the next 30 days.



As per Vorick, the attempts and contributions of Skynet Labs associates are responsible for most of what Skynet has achieved, such as its capacity to keep functioning in the face of Skynet Lab’s breakdown, as well as its capacity to offer significance to the larger Web3 environment.



In a blog on July 26, Vorick placed out the Skynet route map, stating that the squad has been concentrating on decentralisation and a Web3 customer experience related to Web2.



He stated that accomplishing both of those goals simultaneously time has necessitated a significant degree of innovation, but they are privileged to have a squad competent in continuously cranking out upgrades that exceed the limits of their sector.




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