Symbiont.io, Which Tried to Bring Blockchain to Traditional Finance, Files for Chapter 11
Symbiont.io, which almost a decade ago joined the rush of startups trying to bring crypto's underlying blockchain technology into conventional finance, filed for Chapter 11 bankruptcy protection on Dec. 1.
The New York-based company said its assets and liabilities both ranged between $1 million and $10 million, according to a filing with the U.S. Bankruptcy Court for Southern District of New York.
Originally named Math Money FX, the company was formed in 2013 to help financial institutions leverage the Bitcoin blockchain to "reduce risk, save costs, and increase efficiencies," according to a company timeline. Early on, it raised money from finance titans including the former CEO of the New York Stock Exchange, and allowed investors to track the cap table (finance jargon for who owns how much of a privately held startup) using the Bitcoin network.
Over the years, it continued to win partnerships with large institutions including index-fund giant Vanguard. Just last year, Vanguard and State Street used Symbiont's platform for a foreign exchange forward contract. And just a few months ago, SWIFT, which helps banks move money across borders, said it was using Symbiont's technology.
But it apparently fell into distress amid the brutal bear market in crypto that's felled other players, too.