Uranium exploration and development company Madison Metals and blockchain service provider Lux Partners have agreed to mutually terminate their partnership, effective immediately.
This decision is attributed to challenging market conditions, which have made it difficult to continue the partnership.
One of the contributing factors to this decision was developments involving the payment processing platform used by Lux, called Stripe. Stripe froze Lux's funds and then terminated the account used last year, disrupting key banking and financial operations.
Given the challenges in creating a satisfactory product that both parties can trust, Madison and Lux have decided it is in the best interest of all stakeholders for Lux to refund purchases made and for the companies to move forward independent of each other.
"Given the current market conditions and challenges, we have made the difficult decision to mutually terminate the partnership. We remain committed to our goals and are actively pursuing alternative strategies to achieve them," says Madison Metals executive chairperson and CEO Duane Parnham.
Lux president Zach Kelling agrees that it is in the best interest of all parties to mutually terminate the partnership.