Polymath halts projects, lays off 10, focuses on security token app

Ethereum-based security token platform Polymath is binning two planned product initiatives and releasing 10 team members who worked on them.

In a Medium post, it states: “Polymath has shifted its resources to focus on its best-in-class token issuance platform and its recently announced Polymesh blockchain initiative. We will continue to rely on our partners for their own areas of expertise, and to build additional tools to facilitate access and management of security tokens.”

The company will still support the Polymath Token Studio, it adds. It also won’t abandon its development on Ethereum. “Polymath’s technology solutions have experienced a great deal of success thus far, and the Polymath Token Studio remains the ideal pathway for organisations looking to create and distribute their security token today in order to subsequently migrate to Polymesh, a purpose-built blockchain, when the time comes,” the post says.

“We will not hedge,” comments Kevin North, CEO of Polymath. “We discontinued two major initiatives when I joined the company last fall, and we are now dropping two more products that were in the planning stages.”

“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-labeled tokenization platform and a security-purposed blockchain where all security tokens can reside,” he concludes.