The assets of bankrupt enterprise blockchain startup Symbiont are up for sale following its December bankruptcy. Symbiont triggered the Chapter 11 filing because it was unable to repay a $2.3m secured loan to LM Funding. Now LM Funding has made a stalking horse bid, setting the floor price of the assets at $2.6 million.
Recent Symbiont clients include State Street, SWIFT and Vanguard.
Given Symbiont owed $2.3m to LM Funding on December 1, we’re guessing $2.6 million is close to what LM Funding is currently owed. It claims there are currently no other bidders, and an auction is “anticipated to take place on May 26, 2023”.
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