🔔Blockchain News Flash! BaaS Fintech Synapse is in trouble and files for bankruptcy protection! 🔔
Synapse, a startup that is struggling due to layoffs in 2023, filed for bankruptcy protection in April this year, seeking to sell its assets to another fintech company TabaPay for $9.7 million, but was rejected. 😱
Synapse operates a service that allows other companies, mainly fintech companies, to embed banking services into their products. Now that the company is almost forced to completely liquidate under Chapter 7, many other fintech companies and their customers are being implicated by Synapse's collapse. 🔗
It is estimated that according to documents filed by Synapse, up to 100 fintech companies and 10 million end customers may be affected by the company's collapse. Crypto app Juno's funding was also affected by Synapse's bankruptcy. 😔
This is a heart-wrenching news, but we remain optimistic about the prospects of Bitcoin. Let's look forward to more positive market dynamics! 🚀