Storj Labs, the parent company of decentralized cloud storage project Storj, said it has voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The company said the process is intended to address historical debt while allowing the business to keep operating. According to Storj Labs, customer services will continue without interruption during the restructuring. The company also said the reorganized entity is expected to be jointly owned by management, the community, STORJ token holders, and investors. Founded in 2014, Storj runs a decentralized storage network where users share unused hard drive space to provide cloud storage services to customers worldwide, with the STORJ token used for incentives and payments.
Storj Labs, the parent company of decentralized cloud storage project Storj, said it has voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code to address historical debt while continuing operations.
The company said business will continue as normal during the restructuring process and that customer services will not be interrupted. Storj Labs also said the reorganized company is planned to be jointly owned by management, the community, STORJ token holders, and investors.
Founded in 2014, Storj operates a decentralized storage network in which users share unused hard drive space to provide cloud storage services to customers worldwide. The STORJ token is used for incentives and payments on the network.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
