Blockchain Firm LBRY Ceases Operations, Cites Insurmountable Debt

Blockchain Firm LBRY Ceases Operations, Cites Insurmountable Debt

Blockchain firm LBRY Inc. recently announced that it has ceased its operations, citing insurmountable debt. The company was founded in 2015 with the mission of creating an open, decentralized streaming media platform. It focused on an open-source, digital marketplace for buying and selling digital goods and services.

LBRY was a major player in blockchain technology and had amassed a large customer base. It had partnered with major media and entertainment companies such as Warner Music Group and the BBC. During its five years of operation, it conducted numerous successful sales campaigns, raised millions of dollars through venture capital investments, and launched its own cryptocurrency, called LBC.

However, the firm notes that despite its success, a series of financial catastrophes over the past 12 months has left it with insurmountable debt. Subscription fees, minimum contracts for partners, and operational costs were too much for the company to overcome.

LBRY’s staff of about 20 employees have been laid off, with the company offering financial assistance to help with their transition. According to the company, its operations and assets will be taken over by private equity firm Tuckers Capital.

Despite this setback, the company is optimistic about the blockchain industry and believes that its software and ideas will continue to live on. It is also working on developing an open-source framework for streaming media to help other developers to work on similar projects.