LM Funding America, a cryptocurrency mining and technology-based finance company, has announced that it will make a $2.6 million "stalking horse" bid to purchase the assets of Symbiont. io, a blockchain enterprise platform that is currently under Chapter 11 bankruptcy proceedings.
The bid is expected to be approved by the bankruptcy court, and an auction that could include other bids is anticipated to take place on May 26, 2023. If the bid is successful, LM Funding plans to pursue joint ventures and/or other strategic relationships to offer Assembly to institutions to issue, track and manage financial instruments.
Symbiont was formed in 2013 to help financial institutions leverage the Bitcoin blockchain to reduce risk, save costs, and increase efficiencies.