Blockchain-related media platform LBRY has ceased its operations, citing insurmountable debt it was unable to pay.
LBRY, an open-source software company, was founded in 2015 and developed a blockchain-based digital marketplace. It allowed users to host, share, and discover digital content. The company also ran a blockchain-based content streaming service.
In a post on its website, LBRY said it had previously made attempts to raise funds and pursue additional strategies to stay afloat, but the efforts had been unsuccessful. The post further states that the company’s debt is “simply too large to pay off at this point in time”. The company said its remaining assets would be used to pay back creditors, with any remaining money being donated to charity.
The company also announced that its core technology, the LBRY Protocol, would be offered as open-source under a free and open-source license. It also said that its security tokens, known as LBC, would remain functional and available on multiple exchanges.
LBRY’s shutdown highlights the challenges of sustaining a blockchain-related business in a rapidly evolving industry. The company’s closure serves as a reminder that blockchain is still a nascent technology and is nowhere near mainstream adoption. It also serves as a cautionary tale for businesses looking to get involved in blockchain-related activities.