Paradigm Labs Closes Down Due to Lack of Resources

News / 12.03.2020

On the 10th of March 2020, Liam Kovatch, the CEO of Paradigm Labs, announced the closure of the company. Paradigm Labs is a decentralized finance (DeFi) project.

The company noted that the closure is because of lack of significant product-market fit and limited resources. Paradigm Labs however expressed their gratitude to their community for their support in two years of their operation.

What’s Next after Paradigm Labs Closure?

The DeFi  project’s announcement stated that the closure will affect the broader ox staking ecosystem, because Zaiden’s War Chest will not collect protocol charges anymore from the 16th of March onwards. The company therefore urged the stakers to reallocate staked ZRX onto other active pools.

Despite Paradigm closing down, the team did not close doors to the community members. The team will ensure active communication with the affected users and business operations necessary to the legal dissolution of the company.

Debasish Das is from India, an engineering graduate and holds a postgraduate degree in management. He has 10 years of experience in the financial sector, having worked for one of the biggest MNC banking groups in the country. Currently he has business in e-commerce, insurance and consultancy. As an avid blockchain and cryptocurrency enthusiasts he believes in investing in the future of technology, and feels this is going to make the world a single marketplace and also give the power from centralized banks and governments back to people.