Polymath Scraps Two Projects, Honing in on Vision for Digital Securities
As Originally Published on securities.io
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Polymath Coming into Focus
Under the watch of CEO, Kevin North, Polymath has seen 4 product initiatives scrapped within the past year. The latest two were recently announced, as the company attempts to focus their efforts on the development of their ‘Service Provider Marketplace’, and their ‘PolyMesh’ network.
There are generally only a few paths that companies have followed within the digital securities sector.
- Build and offer a comprehensive suite of services tailored towards investors and SMEs
- Develop a specialized service, and join forces with like-minded companies, offering complimentary services
- Create a marketplace which acts as a home for those companies resorting to the 2nd option
Through their service provider marketplace, Polymath has gained traction within the industry as the 3rd option. They offer a white-label tokenization service, which provides the necessary platform for an STO to be completed by an SME, while giving access to various companies and their niche services.
Lay-Offs
This particular culling of initiatives resulted in Polymath dismissing 10 employees. While this may sound like a negative, it is clear that Polymath has a clear vision, and is working to bring that into focus. With the digital securities sector being a nascent one, inefficient spending and misplaced efforts can wreak havoc on company development.
Through difficult decisions, such as this, Polymath will hopefully find itself on a more direct path to a productive future – benefitting, not only themselves, but all industry participants.
PolyMesh
The aforementioned actions were taken in large part due to the promise in the under-development, PolyMesh network. This is a blockchain based network, which the company intends to function as the first to be tailor built for digital securities.
While it serves the industry well, Ethereum is not built for a specific purpose. With the digital securities sector requiring unique structuring of tokens to ensure regulatory compliance, they believe that a purpose built network is the answer to greater industry adoption.
Upon announcing PolyMesh, in May, three main points were made, explaining why the move was an important one.
- A ‘robust and transparent set of financial primitives’
- A system to allow for not only growth, but separation between identity, asset ownership, and compliance.
- Incentive for participation
Polymath Announces ‘PolyMesh’ – A Purpose Built Blockchain for Digital Securities
Commentary
In making their announcement, multiple representative from Polymath took the time to comment. The following is what each had to say on the matter.
Thomas Borrel, CPO of Polymath, stated,
“We are excited to continue our 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.”
Kevin North, CEO of Polymath, stated,
“We will not hedge…We discontinued 2 major initiatives when I joined the company last fall, and we are now dropping 2 more products that were in the planning stages at Polymath. 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.”
Polymath
Polymath is a Toronto based company, which was founded in 2017. This young company has managed to establish themselves as a leader within the developing digital securities sector. They were able to do so through their various token standards, and tokenization platform – leading to over 120 security tokens being distributed to date.
Company operations are currently overseen by CEO, Kevin North.
