Fintech Symbiont Company Filed For Chapter 11 Bankruptcy

Symbiont is the next name to have fallen in the difficult and volatile crypto market. The company filed for Chapter 11 bankruptcy protection in early December.

According to documents filed with the Bankruptcy Court of the Southern District of New York, Symbiont.io, a New York financial technology company, has filed for Chapter 11 bankruptcy protection under the U.S. bankruptcy law on December 1. According to the document, its assets and liabilities all range from $1 million to $10 million.

Founded in 2013 as Math Money FX, Symbiont.io aims to help financial institutions use blockchain to “reduce risk, save costs, and increase efficiency”.

It has raised capital from financial magnates, including the former CEO of the New York Stock Exchange. Symbiont has previously reached partnerships with major institutions like index fund giant Vanguard.

As was updated in an earlier Coincu News article, SWIFT, the Global Consortium for Interbank Financial Telecommunication, is partnering with blockchain enterprise firm Symbiont on a project.

However, the company still could not escape the death spiral of the crypto winter and had to add itself to the list of bankrupt crypto companies.

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