Dear community,.

04 Sep 2022, 13:04

Dear community, The following is an informational letter intended to clarify the situation that has arisen over the past few days. To carry out our development plan, the Tokenplace platform hired a core team of 3 key engineers. The rest of the development department was built around this team, with additional engineers being hired. The company recently ran up against a lack of funding, and a planned financing round was intended to provide seamless continuity of development efforts. A variety of factors, including the fact that the financing was tied to market indicators (token subscription model), the company did not receive the financing needed to cover the burn rate. Because of this, salary obligations to all team members, including founders, have been incurred. Tokenplace Founders are taking all necessary steps to secure financing for the project's continued development. The founders will honor all obligations to all employees, and back pay will be paid out of the founders' own personal funds. Based on a mutually agreed deal, the commercial and labor relationship with the previous software development team has ended. The tech team completed a colossal and important volume of work, which already represents a strong and stable foundation for moving the platform forward. Tokenplace bears no ill will towards our former partners, the members of the tech team who have moved on. We ask the community to direct all questions about the future of the project to our official Channel, and to submit questions for the upcoming AMA. Changes in the timing of completion of various aspects of the platform will be announced separately, since transitioning the technical side of the project will take time. The management's initial estimate is that the release date will need to be pushed by one or two quarters. We are extremely grateful to the community and everyone who is here with us despite the poor crypto climate around the world. Thank you for being with us on this journey.