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Blockchain-based video streaming and content hosting provider LBRY has announced that it will cease operations immediately, citing insurmountable debt.
The company said in a statement on its website that it had incurred too much debt to continue running and that it had been unable to secure additional funding.
“We are saddened to report that the cost of operating a decentralized protocol has been far higher than we anticipated and we are no longer able to run the project,” the statement reads.
LBRY’s services have been widely used by independent video creators and content creators and distributors. It had become one of the most advanced blockchain-based video hosting solutions available.
The company had also developed a custom built cryptocurrency called LBC, which it had used to facilitate payments and rewards on its platform.
While it’s unclear what will happen to LBRY’s services or the LBC coins, the company said it is working on a plan to transition things so its users wouldn’t suffer significant losses.
“We are working on a plan to transition our services so they can continue without us,” the statement reads. “The exact details and timing are not yet clear but we will do our best to ensure a smooth transition for everyone impacted.”