New Report Details the Latest on Votem Blockchain Voting App Closing Shop in Cleveland
Overstock.com’s venture arm, Medici Ventures was just about to lead the Series B round of funding of decentralized voting platform Votem, when a piece of news broke by ClevelandScene that the company is firing their Cleveland’s employees.
The journalist who broke the story, Sam Allard, writes:
“One of Cleveland’s largest blockchain start-ups abruptly closed last week due to a lack of funding. Employees at Votem, a company making innovations in online voting platforms, did not receive their most recent paychecks and were told on Friday that everyone was fired, effective immediately.”
Votem is a blockchain mobile voting platform enabling citizens around the world to easily vote online with a level of verifiability, accessibility, security, and transparency that does not currently exist.
Founded in 2014 by CEO, Pete Martin, Votem’s mission is to change the way people vote and believes that mobile voting will lead to positive change in the world by providing voters with complete transparency, thus shaping the future of democracy.
CEO Pete Martin said despite the layoffs, the company still is operating. He said:
“On Friday we kicked off a restructuring and recapitalization of the company which included layoffs. The company is still intact and operating and working through multiple options to hopefully ensure its long-term viability. We do have employees and are actively supporting many current customers.”
He did not specify how many employees remained with Votem or Everyone Counts. He also did not include how many people were laid off.
Votem, which hosted Rock & Roll Hall of Fame fan vote, among other clients, served as an example of blockchain technology’s applications and potential successes for the Blockland movement, which aims to make Cleveland a center for blockchain technology.
Of course, Votem’s employees are not too happy about this. An ex-Votem engineer commented:
“They barely tried and didn’t even come close to making a dent. Total incompetence from the leadership team and Pete Martin particular. I hope anybody thinks twice before doing business with him. He is neither competent nor, in my opinion, honest.”