The next brand to lose ground in the challenging and unstable cryptocurrency business is Symbiont. Early in December, the business requested Chapter 11 bankruptcy protection.
Symbiont.io, a financial technology firm based in New York, filed for Chapter 11 bankruptcy protection on December 1 in accordance with documents submitted to the Bankruptcy Court of the Southern District of New York. Its assets and liabilities are all between $1 million and $10 million, the document states.
Symbiont.io, formerly Math Money FX, was established in 2013 with the goal of assisting financial organizations in using blockchain to "reduce risk, save money, and improve efficiency."
Financial tycoons, including the previous CEO of the New York Stock Exchange, have invested in it. Symbiont has already forged alliances with important organizations like Vanguard, the industry leader in index funds.
SWIFT, the Global Consortium for Interbank Financial Telecommunication, is collaborating with blockchain enterprise firm Symbiont on a project, as was updated in an earlier Coincu News piece.
The business, however, was still unable to break out of the crypto winter's death spiral and had to join the list of failed cryptocurrency businesses.
