Blockchain-focused media company LBRY has announced that it has ceased operations, citing insurmountable debt as the reason for its closure.
In a blog post published on its website, LBRY explained that its retention of too much debt had made it unsustainable for the company to continue operating.
The post went on to explain that LBRY had been trying to raise additional investment in order to keep the company afloat, but was met with several challenges over the past months.
The firm added that it will “endeavour to fulfil all orders and contractual obligations” despite its closure.
The closure of LBRY marks the end of a long journey for the company, which had been actively working on developing its own blockchain-based content streaming platform since October 2020.
Before the closure of its operations, LBRY had indicated that its platform was intended to enable users to directly connect and share content, as well as securely manage digital rights.
While the LBRY project has now come to an end, the firm is hopeful that its technology “will continue to contribute” to the development of content sharing and digital rights management in the near future.