Crypto Markets are growing rapidly from the last two months, but this doesn't mean that all the companies are investing more and getting remarkable results. However, some of the companies are doing exactly the opposite.
Polymath, an Ethereum-based security token platform, has decided to close two of its in-house projects, as per its blog post. The firm will be closing two projects which were planned earlier, to work on bringing securities into the blockchain.
Polymath is redirecting the firm's latest freed resources for its Polymath Token Studio, which is mainly a decentralized app that allows the insurance of security tokens on the blockchain. Using the Polymath Token Studio, one of the premium products of the firm, 130 security tokens were being released.
Along with the latest announcement, Polymath dismissed 10 employees who were working on the two ceased projects. Polymath doesn't mention any details about the closed projects and the role of its employees in it.
Ceasing two of its projects is undoubtedly a loss for the platform, Polymath's CEO Kevin North has minimized the effect of the event. He said that the firm had also ceased two other important projects in the same way when he joined the firm in 2018. He believes that the firm is healthy, and currently, they are working on essential projects only.
Along with looking forward to improving its security insurance platform, Polymath will seemingly continue to look for new partners to shift existing tools and form new solutions for its Polymesh blockchain. Polymesh has launched after making a collaboration with the Charles Hoskinson, co-founder of Ethereum and Cardano. Polymesh is a separate blockchain network targeting tokens which need to be compliant with local requirements.
The firm stated in the blog post that it is not forsaking the development of Ethereum and various ETH-based projects will be released soon.
Chief Product Officer of the firm, Thomas Borrel stated that Polymath would continue to develop new collaborations and best quality security tokens for firms all around the world.