Symbiont.io, which just about a decade in the past joined the frenzy of startups making an attempt to convey crypto’s underlying blockchain expertise into standard finance, filed for Chapter 11 chapter safety on Dec. 1.
The New York-based firm mentioned its belongings and liabilities each ranged between $1 million and $10 million, in line with a submitting with the U.S. Chapter Court docket for Southern District of New York.
Initially named Math Cash FX, the corporate was fashioned in 2013 to assist monetary establishments leverage the Bitcoin blockchain to “scale back threat, save prices, and enhance efficiencies,” in line with an organization timeline. Early on, it raised cash from finance titans together with the previous CEO of the New York Inventory Alternate, and allowed buyers to trace the cap desk (finance jargon for who owns how a lot of a privately held startup) utilizing the Bitcoin community.
Through the years, it continued to win partnerships with giant establishments together with index-fund large Vanguard. Simply final yr, Vanguard and State Avenue used Symbiont’s platform for a overseas alternate ahead contract. And just some months in the past, SWIFT, which helps banks transfer cash throughout borders, mentioned it was utilizing Symbiont’s expertise.
However it apparently fell into misery amid the brutal bear market in crypto that is felled different gamers, too.
