The bear market continues to affect many cryptocurrency projects, from Web 3.0 to DeFi. The decline that occurred at the beginning of 2022 led to the collapse of some projects and wipe out the market. The slump that started with Terra (LUNA) continued with companies like Celsius Network and Three Arrows Capital. Now, Skynet Labs, which hosts a Web 3.0 coin project, is shutting down.
Web 3.0 coin company went bankrupt
Headquartered in Boston, USA, Skynet Labs hosted the Web 3.0 coin project Siacoin. Now the company is announcing that they are preparing to close to the media channels. Accordingly, he says he was unable to gain more investor support and therefore went to shutdown. In fact, Skynet Labs has participated in a total of 7 investment rounds since 2014. In 2020, the startup formerly known as Nebulous raised $3 million in a funding round led by crypto investment giant Paradigm. Thus, he managed to collect a total of $ 9.6 million worth of funds in all the tours he participated in. However, it failed to complete its latest investment round. As a result, the managers decided to close the company. They’re also going to cut things off, according to a blog post they published Friday.
“We regret to announce that Skynet Labs is unable to complete its next round of fundraising and will be closing,” said David Vorick, CEO of Skynet Labs in a blog post. But he added that Skynet will continue to operate as a platform. Accordingly, user files will remain online, and important parts of the infrastructure will continue to be actively developed. For those who don’t know, Skynet provides decentralized storage and application hosting for Web 3.0. Vorick also expressed his feelings about the Skynet Labs closure in a Tweet on Friday. “It’s not the outcome we want, and it’s not the end of the road for Skynet,” the CEO said of the closing.
What is Skynet?
Skynet is a Web 3.0 platform that provides decentralized storage and application hosting services. It aims to attract investors as an easy-to-use, fast and passive income platform. The company, which is now preparing to close, is also preparing to lay off its employees. It has already cut the number of employees in half. It will also lay off more workers next month. However, Web 3.0 coin project Siacoin seems to be affected by the collapse as well. Siacoin is a Web 3.0 crypto project founded by Skynet CEO David Vorick. The future of the crypto money, which has not seen a noticeable decrease in its price, remains uncertain. However, it is possible that the altcoin will not be affected much by the shutdown, as Skynet Labs has largely decided to maintain its services. At the time of writing, SC price is trading at $0.0051, down 0.25% in the last 24 hours.
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