The security token platform Polymath has announced on July 4th that it has closed 2 product initiatives and laid off 10 Polymath team members in order to "focus on its best-in-class token issuance platform and its recently announced Polymesh Blockchain initiative," states an official announcement.
The company highlights it will continue to support the Polymath Token Studio that has enabled the creation of more than over a hundred security tokens.
The announcement points out that the company is not abandoning its current development on the Ethereum ecosystem.
Thomas Borrel, Chief Product Officer at Polymath, claims the company is excited to continue its efforts partnering with top-quality firms bringing real value to the world of security tokens.
"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," Borrel added.
Back in March, during the so-called "crypto-winter" the Head of Dash Core Group (DCG), Ryan Taylor, announced that the company had to lay off four of its employees to maintain financial stability "in light of the current market."
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