Ethereum-based security token firm Polymath has discontinued 2 product initiatives to focus entirely on their best-in-class token issuance platform and Polymesh Blockchain initiatives.
Both of these will see the company cultivate an “ecosystem approach to bring securities to the Blockchain”, according to the blog post announcing the news. However, they noted they will continue to work with partners and build tools to ease the use of security tokens, nor is not abandoning developments on Ethereum. However, alongside the two terminated products, 10 members of their team have also been let go.
“We will not hedge” Kevin North, CEO of Polymath explained. “The company is healthy, and we want to remain focused — Polymath’s vision is to become the technology leader that helps bring securities to the blockchain. We are doing this by providing a white-labelled tokenization platform and a security-purposed blockchain where all security tokens can reside.”
Polymath also made news back in March with a new partnership with SeriesOne which saw them also advance their security token operations.
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