Siacoin altcoin Blockchain company behind Skynet Labs, The company shuts down after it is unable to generate funds. The company will also make layoffs, according to a blog post published Friday.
In 2020, the initiative formerly known as Nebulous, cryptocurrency It raised $3 million in a funding round led by investment giant Paradigm. Skynet Labs was founded to focus on Skynet, a decentralized storage and application hosting platform to create a decentralized internet.
Altcoin Company Skynet Labs Shutting Down
“We regret to announce that Skynet Labs was unable to complete the next round of fundraising and will be closing,” CEO David Vorick said in a blog post. However, stating that Skynet will continue to operate as a platform, Vorick added that user files will remain open and important parts of the infrastructure will continue to be actively developed.
“It’s not the result we want, but it’s not the end of the road for Skynet,” Vorick tweeted on Friday.
Skynet Labs has also halved its staff and will further cut its headcount next month. Vorick added:
“We owe much of Skynet’s achievements to the efforts and contributions of Skynet Labs team members, including the ability of Skynet Lab to continue operating despite its shutdown and deliver value to the broader Web3 ecosystem.”
Vorick outlined Skynet’s roadmap in a blog post on July 26, saying the team was focused on decentralization and Web3 user experience similar to Web2.
*Not investment advice.
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