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Is Blockchain Fintech Preparing for Chapter 11 Bankruptcy?


Is Blockchain Fintech preparing for chapter 11 bankruptcy? The company was previously known as Math Money FX and was established in 2013.

Its early investors include the former CEO of the New York Stock Exchange. On December 1, Symbiont filed for Chapter 11 bankruptcy, having participated in the company’s turmoil more than a decade ago. Aiming to bring the underlying blockchain technology of crypto and finance.

On appeal in the United States Bankruptcy Court for the Southern District of New York. The company said its assets and liabilities are between $1 million and $10 million. The company, formerly known as Math Money FX, was founded in 2013. With the goal of helping financial institutions use the Bitcoin blockchain to “reduce risk, reduce costs and increase efficiency”.

Extended Crypto Winter Effect

Among its first investors is the former CEO of the New York Stock Exchange, and it uses the Bitcoin network to go public in its main table (a list of who owns a percentage of the company). It has long-standing relationships with major institutions such as index fund giant Vanguard. Vanguard and State Street used Symbiont technology for financial futures contracts last year. Blockchain fintech.

International financial service SWIFT announced a few months ago that it was using Symbiont technology to streamline international wire transfers. But it seems to have fallen in the middle of a huge cryptocurrency wild market that has brought down other big companies. On the other hand, the authorities are investigating the involvement of Sam Bankman-Fried in the collapse of FTX, the founder of the cryptocurrency exchange. Congressional members announced on Friday that he will appear before the committee on Tuesday.

Maxine Waters, chairwoman of the House Financial Services Committee, told Reuters on Thursday that she was prepared to call Bankman-Fried if she refused to testify and testify as part of the committee’s investigation into FTX.

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