Blockchain Firm Skynet Labs Closes Due to Insufficient Funds

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Skynet Labs Closes
  • Skynet Labs shut down due to its inability to raise funds, but the platform is still operating.
  • The company is also cutting down some of its employees.
  • Skynet aims to develop a decentralized internet via app storage and hosting.

The blockchain business that was responsible for Siacoin, Skynet Labs, has decided to shut down owing to a lack of available cash. According to a blog post, the company is also getting ready to let some of its staff go.

The crypto investment behemoth Paradigm led a $3 million fundraising round for the company in 2020 when it was still called Nebulous. To enable the corporation to concentrate on Skynet, a platform for decentralized data storage and application hosting that would be used in the construction of a decentralized internet, Skynet Labs was established.

The CEO of Skynet Labs, David Vorick, expressed his regret in the blog post about the company’s inability to finish the next phase of its fundraising campaign and its subsequent decision to shut down.

We regret to inform you that Skynet Labs was unable to complete the next round of fundraising and will be closed. Fortunately, Skynet as a platform will be able to continue working: all user files will remain online, and key parts of the infrastructure will continue to be actively developed.

Vorick added that the majority of Skynet’s accomplishments can be attributed to the hard work and contributions made by associates of Skynet Labs. This includes Skynet’s capacity to continue operating despite the failure of Skynet Labs as well as its capacity to provide meaning to the industry.

Skynet is a decentralized framework for app storage and hosting that aspires to build a decentralized internet. Skynet Labs was established so that its primary emphasis may be on developing Skynet.