Polymath halts two projects; lays off 10 employees

Ethereum-based security token platform Polymath announced that it would be halting two planned product initiatives, as it plans on bringing securities to the blockchain. Polymath shared the announcement in a Medium blog post dated July 4.

Per the announcement, Polymath will continue to assist its flagship Polymath Token Studio, a decentralized application (dApp) that has facilitated in the issuance of more than 130 security tokens till date. Furthermore, the firm highlighted that it would not discard its current development on Ethereum.

Polymath exclaims that it is neither a broker-dealer nor an exchange. Also, further asserting that it does not aid companies in raising funds and is not a secondary trading platform for tokens.

Thomas Borrel, Chief Product Officer at Polymath, claims that the firm is thrilled to continue its efforts in collaborating with “top-quality firms” that bring in considerable value to the realm of smart tokens.

Borrel further highlighted – 

“The Polymath Token Studio has allowed multiple companies to benefit from the automation and efficiencies of security tokens, and we look forward to the new experience and capabilities that Polymesh, the blockchain purpose-built for security tokens, will bring to market.”

With the culling of two in-house product initiatives, Polymath has decided to lay off ten employees working on the terminated projects. To enhance the operations of security issuance platform, Polymath will continue searching for partners to develop new solutions and migrate existing solutions on its Polymesh Blockchain. 

With the culling of initiatives, Polymath has laid off ten employees who were working on the discontinued product initiatives.

Polymesh is a seperate blockchain network targeting regulation-compliant tokens that was released in collaboration with Charles Hoskinson, an Ethereum co-founder and Cardano in May 2019.

Concluding the post, Polymath CEO Kevin North stated that the company terminated two other major initiatives when he joined the firm in the fall of 2018.

Talking about the traits of the issuance platform, North added –

“We are doing this by providing a white-labeled tokenization platform and a security-purposed blockchain where all security tokens can reside.”

Earlier this year, Head of Dash Core Group (DCG), Ryan Taylor announced that the firm had to lay off four of its members in order to maintain financial stability “in light of the current market.” As per the announcement, the DCG shut down the Human Resources department; the strategy department will be reduced by two people, and the Business development will be reduced by one person.