The company said the closure is unrelated to the recent cross-chain bridge exploit, ending operations after raising more than $27 million in funding.
Syndicate Labs, a startup backed by Andreessen Horowitz, is shutting down as the rollup market narrows. The company said its decision was not linked to the recent cross-chain bridge exploit, separating the closure from the security incident. During its operations, Syndicate raised more than $27 million in capital. The announcement points to pressure in parts of the blockchain infrastructure sector, where rollups (blockchain scaling networks) have faced a more challenging market environment.