Security-Focused Token Company Polymath Shuts Down Multiple Projects And Reduces Employees
The crypto market is currently having a great time but this does not mean that all companies are investing in having larger team and achieving better results. In fact, some companies such as Polymath are following the opposite route: they are laying off people.
Polymath is a security token platform that decided to pull the plug on two of its products yesterday, as you can read here. According to the blog post, the company is shutting down two in-house projects that were planned before and focusing its resources on the Polymath Token Studio.
This project is a decentralized app (dapp) which enables the issuance of security tokens on the blockchain. With the help of the Polymath Token Studio, one of the flagship projects of the company, 130 security tokens were launched. From these, 12 of them have more than 5 token holders (which is not very impressive, it has to be said).
As part of the fallout from this decision, 10 employees from the company will be fired. They were focused on working on the canceled projects. Polymath did not make it clear what exactly were the projects that it was working.
While it is undeniable that the discontinuation of the two projects is a loss for the platform, the CEO Kevin North downplayed the effect of the event. He affirmed that this was normal as he had done it before when he started to work in the company. To him, the company is healthy, it is only focusing on the important projects only.
At the moment, the company seems to be looking for new partners for its issuance platform and it will seek out them to create new solutions and to migrate more tokens to its technology in the future.
Charles Hoskinson, the co-founder of both Ethereum and Cardano, worked together with the company before in orderto release Polymesh, a technology that acts as a separate blockchain in order to target tokens that need to be compliant with local requirements.
The company also affirmed on the blog post that it was not abandoning the development of Ethereum and that more ETH-based initiatives would still be made in the near future.
Thomas Borrel, the Chief Produc Officer of the company, affirmed that Polymath would continue to bring new partnership and top quality security tokens for companies all over the world.