shutterstock_258726044 banner.png

Photo: / GaudiLab

Sovrin Foundation Sheds All Paid Staff in Tale of a Token Issuance Gone Wrong

– Coindesk

Digital identity organization The Sovrin Foundation has become a volunteer-run organization

Sovrin was attempting to raise funds to pay its staff, but was forced to lay them off as it was unsuccessful, particularly in the wake of COVID-19.

“‘Given the climate for non-profit donations was turning grim, and the investor terms were not as good as what was offered in October, the decision was made to release the staff and move to volunteer mode,’ said the source."

Sovrin had been hoping to issue a regulated token, and an investor with $5 million was found. But their terms were unacceptable to the Foundation’s board.

As the financial situation became more abject, the multi-million dollar investor changed their initial terms to further dilute Evernym investors, the source said, adding that these terms were deemed unacceptable by Sovrin’s board of trustees

View article