Amsterdam-based blockchain studio Kryha declared bankrupt: Know more

Amsterdam-based Kryha, a blockchain studio, announced on Wednesday that it has been declared bankrupt. 

According to Tobias Disse, CEO and Co-founder of Kryha, the announcement came after a challenging period for the company, which began with the loss of a big client about a year and a half ago.

“It started about a year and a half ago when we lost a big client and were heavily investing in our diversification. The diversification didn’t go as planned and we had to heavily cut our costs to stay afloat,” says Disse. 

In an attempt to diversify and sustain the business, the founders made the strategic decision to pivot towards building a platform called Obscura.

 However, this move didn’t go as expected, as the platform was ahead of its time in an immature ecosystem, leading to various challenges.

“We thought having a first mover advantage would help us fundraise, but this was an assumption and not a certainty,” adds Disse. 

Despite the setback, a smaller group from the team, including Thom Bergman, Haischel Dabian, and Wietze S. will continue to build services in the Aleo network, with the Disse transitioning to an advisory role.

Moving forward Disse announced plans to launch a new entrepreneurial venture in a different industry with a new co-founder. 

“After a long holiday in July and August, I decided my entrepreneurship story doesn’t end here. I will start a new business with a new co-founder in a completely different industry. More on this next week,” he concludes.