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Blockchain Firm Skynet Labs Closed Due to Lack of Funding

Blockchain Firm Skynet Labs Closed Due to Lack of Funding

Skynet Labs, closed down because of a lack of new fundings. While Skynet and its data will remain online.

Skynet Labs, is a decentralised storage and app hosting platform. It was designed to ease the decentralised internet movement for users or web3 developers. As per the blog post of Skynet the firm is facing the issue of getting new fundings. Hence it leads towards its closing. Additionally, Skynet will remain online with its data.

Blockchain Firm Skynet Labs’s Journey

The formation of Skynet Labs was done for building a decentralised storage and app hosting platform to focus on Skynet. In clarification of relation between the Sia Foundation and Skynet it is noted that, formerly known firm Nebulous, raised $3 million in a funding round by crypto investment firm Paradigm in 2020.

In addition, the CEO of Skynet, David Vorick, wrote in the blog post that, “It is with regret that we announce Skynet Labs has been unable to complete its next round of fundraising and will be shutting down. Thankfully, Skynet as a platform will be able to continue operating: all user files will remain online and key portions of the infrastructure will continue to be actively developed.”

Vorick also shared that the blockchain firm will cut jobs. In which he added that, “Much of what Skynet has accomplished, including its ability to continue operating in the face of Skynet Lab’s dissolution, and including its ability to provide value to the wider web3 ecosystem, is owed to the efforts and contributions of the Skynet Labs team members.”

On his Twitter account, Vorick shared “Not the outcome we wanted, but not the end of the road for Skynet either.”

Not the outcome we wanted, but not the end of the road for Skynet either. — David Vorick (@DavidVorick) August 12, 2022

On the other hand, Vorick shared the roadmap for blockchain firm Skynet in a blogpost on July 26. That contained the information that “Achieving both of those things at the same time has required a substantial amount of innovation, but we are fortunate enough to have a team that is more than capable of consistently churning out new updates that push the boundaries of our industry.” shares this Contents always with License.

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