Skynet Labs (Siacoin) Has Closed Because It Cannot Raise More Capital

Skynet Labs, the company behind Siacoin, has closed because it was unable to raise more capital, but Skynet will continue to operate as a decentralized storage and application platform.

Skynet Labs closed because it could not raise capital

On August 12, Skynet Labs, the company behind Siacoin was unable to complete the next round of fundraising and will be shutting down. Siacoin was one of the earliest blockchains focused on storage.

The company believes that there are many reasons for the current situation, but two main reasons are “focus was heavily divided” and the company is not “a key part of the crypto stack”.

Besides, the team grew too quickly and over-estimated the company’s ability to convert its user base into a successful fundraising round, and this bet ultimately didn’t pay off.

Skynet Labs will continue to operate for about 12 weeks. The company has laid off half of its staff and will cut it to half in the next month or so. Although it is expected that the entire company will be shut down in the next 3 months, the company will ensure that all necessary work is completed before the company’s final time.

Although Skynet Labs is shutting down, many team members still believe in the project and agree to stay in the community and help wherever they are. While many will no longer be able to work full-time on the project, they will be around to answer questions and support everyone who is still working on Skynet related projects.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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