Skynet Labs Unable to Receive New Funding, Announces Closure Plan

Skynet Labs has become the latest company to shut down in the ongoing crypto winter. Skynet is the blockchain company that created Siacoin, and the reason for its closure was its failure to secure additional funding.

Skynet Labs Announces Closure

Skynet Labs announced plans to cease operations via a blog post on Friday. Skynet Labs is a startup formerly known as Nebulous. In 2020, the company secured his $3 million in a funding round led by crypto investment firm Paradigm.

Skynet Labs is a company founded to focus on Skynet. The latter is a decentralized storage and app hosting platform focused on building a decentralized internet. Like most startups in the crypto space, Skynet wanted to use blockchain technology to change the internet.

Skynet Labs CEO David Vorick wrote in a blog post that Skynet was unable to complete its next round of funding. Bolick said the company would be closed.

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Vorick also added that Skynet will continue to serve as a platform and user files will be stored online. Additionally, key parts of Skynet’s infrastructure will continue to be actively developed.

Vorick later posted a tweet confirming this development, saying it was not the outcome the company had hoped for and did not mean the end of the road for the company. He also said the company would reduce the number of employees.

Skynet continues operations

Skynet has cut its staff by 50%, adding that the number will be tapered over the next month. Vorick also said that many of Skynet’s achievements, including its ability to continue operations in the face of Skynet Labs’ dissolution, are due to the efforts of his members of the Skynet Labs team.

Not only did Skynet stay in business, it was able to add value to the broader Web 3.0 and crypto sectors. Therefore, even if Skynet Labs is closed, we will continue to operate in the long term.

At the end of last month, Vorick provided a roadmap for Skynet. In it, he said the team is focused on decentralization and creating a user experience for Web3 that is similar to what Web2 offers.

However, he said a lot of innovation will be needed to achieve what is on the roadmap. However, the Skynet Labs team is lucky to have a dedicated team to release new updates that push the boundaries of the blockchain industry.A team effort set Skynet poised to become a major player

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