Blockchain Firm Skynet Labs Announces Shut Down Due To This Failure

Siacoin parent firm announces shut down due to fundraising failure

Skynet Labs, the blockchain company behind Siacoin has decided to shut down.

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The decision was taken after the company couldn’t raise any more funds.

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The announcement was made on Friday through the company’s blog.

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The firm will also be cutting down its workforce by 50%.

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However, the firm will keep on working online even after its shutdown.

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CEO David Vorick also tweeted "Not the outcome we wanted, but not the end of the road for Skynet either," in this regard.

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Skynet Labs has already laid off half of the staff and will be cut to half size again over roughly the next month.

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