Dear ErgoPad community.
After very careful consideration and deliberation the Palmyra team has decided to postpone their IDO indefinitely. This was a very tough decision since both of our teams have worked so hard on making this happen, including a number of important upgrades built on our side in preparation for it such as embedded KYC and whitelisting capabilities.
Due to regulations in the jurisdiction that the Palmyra project operates, there were additional needs around extended and special KYC and compliance requirements by the project which are not met by the smart contracts we currently have in place. This is related to how our contracts distribute vesting keys in the form of NFTs, which would then be transferable on the open market.
As these extended requirements sit outside of the standard scope of our services, they have decided to postpone the IDO indefinitely.
We understand that many of you were very excited about this and no doubt will be disappointed by this turn of events. We apologize for any issues this causes the community. The Palmyra team is working hard to build a strong product which will serve both the Ergo and Cardano communities, and we fully support their efforts.
We would like to thank all of our community for your patience and understanding on this matter. Many of you provide extremely valuable feedback, and we take all of that to heart. We hope you will continue to provide constructive feedback, including in regards to this decision. As always, we appreciate your continued support and will work tirelessly to provide more opportunities in the future which align with our ethos and philosophy of safe, transparent, and clearly defined IDOs.
We will keep you updated on all new developments.
The ErgoPad Team