Monday, May 27, 2024

The Popular Blockchain Firm, Skynet Labs, Closed Down Due to Lack of Funding.

Skynet Labs was a decentralized app and storage hosting platform. It was launched in 2020 with the aim to focus on hosting decentralized applications that are primarily based on Skynet. It was a Boston-based firm that was dedicated to building a decentralized internet and easing the digital movements of users and Web3 developers.

Originally launched as Nebulous in 2014, the startup gained a whopping amount of $3 million in a funding round that was held by Paradigm. As the company decided that it wanted to focus on Skynet, the startup’s name was changed from Nebulous to Skynet Labs.

Unfortunately, the startup could not complete its next round of fundraising. Hence, due to a lack of funding, Skynet Labs has no other option than to shut its operations. Further, the company has also decided to cut down its workforce by half. They will be reducing their employees even further by the end of next month.

In the official blog post, Skynet Lab’s CEO, David Vorick, stated: “It is with regret that we announce Skynet Labs has been unable to complete its next round of fundraising. And hence it will be shutting down.”

Talking about Skynet Lab’s shutting down, the CEO also tweeted, “Not the outcome we wanted, but not the end of the road for Skynet either.”

He further explained that Skynet, as an individual platform, will continue working as usual. So, all the user files will be present online, and the major portions of the infrastructure will be actively developed.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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