Business
LM Funding America, Inc. Acquires Assets of Symbiont.io, Inc. from Chapter 11 Bankruptcy
TAMPA, June 06, 2023 (GLOBE NEWSWIRE) -- LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), a Bitcoin mining and technology-based
About this update from Lm Funding America, Inc.
[{"type":"text","content":"TAMPA, June 06, 2023 (GLOBE NEWSWIRE) -- LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), a Bitcoin mining and technology-based specialty finance company, today announced that its $2.6 million “stalking horse” bid to purchase the assets of Symbiont.io, Inc. (“Symbiont”), which is currently in Chapter 11 bankruptcy proceedings, was approved by the bankruptcy court on June 2, 2023. LM Funding was the sole secured creditor for Symbiont as a result of a $2 million secured loan it made to Symbiont in December 2021, and has now acquired Symbiont’s assets with a credit bid. Bruce M. Rodgers, Chairman and CEO of LM Funding commented, “We are in the fortunate position of having now acquired the assets of Symbiont, including those related to its Assembly™ financial services blockchain enterprise platform. We currently intend to pursue strategic relationships to offer Assembly™ to institutions to issue, track and manage financial instruments, such as data, loans, and securities. Additionally, we plan to explore and consider, other use cases for the Symbiont assets and Assembly™ platform.” Symbiont was formed in 2013 to help financial institutions leverage the Bitcoin blockchain to reduce risk, save costs, and increase efficiency. Symbiont Assembly™ is a blockchain platform for building and running decentralized applications called “smart contracts.” Early on, Symbiont raised money from credible investors, including the former CEO of the New York Stock Exchange, and formed a board comprised of a former Governor of Delaware, former Commissioner of the Securities Exchange Commission, Former CEO of NYSE, Euronext and the Intercontinental Exchange, and representatives from the London Stock Exchange. Symbiont won contracts with large institutions including index-fund leader Vanguard. In 2022, Vanguard and State Street used Symbiont’s platform for a foreign exchange forward contract. More recently, SWIFT, which helps banks move money across borders, announced it was using Symbiont's technology. Symbiont filed for Chapter 11 bankruptcy protection on Dec. 1, 2022. The New York-based company said its assets and liabilities both ranged between $1 million and $10 million, according to a filing with the U.S. Bankruptcy Court for the Southern District of New York. LM Funding was listed as a secured creditor and was owed $2 millio...