Polymath announces rollout of security token issuance platform and distributes POLY tokens
Polymath, the company bringing the multi-trillion dollar securities market to the blockchain, has announced its security token launch pad is now live. The platform, the world’s first, will be a tool that allows financial companies to create and issue their own tokenized securities. Powered by the blockchain and smart contract technology, Polymath and its unique Security Token Standard Protocol, ST-20, enables securities issuers to create digital tokens to represent shares and other instruments relating to traditional financial assets like private equity, stocks, debentures, commodities, VC funds, real estate, royalties, and insurance. The evidence of ownership of these assets can function far better as tokens. The technology serves as a launch pad or on-ramp for companies who want to create and issue tokenized securities, with the complex technical and legal functions of a token sale, Know Your Customer (KYC) programs, and development built in. From inception to launch day, Polymath has received interest from over 17,000 companies considering using the security token technology.
CEO of Polymath, Trevor Koverko said, “The interest in the security token market has risen dramatically alongside the prominence and power of the blockchain. We are merging this transformative technology with capital markets in a way that increases global accessibility, while letting the technology’s users take steps to decrease trading restrictions like exorbitant fees, long settlement delays, and limited market hours. It was nearly a year in the making, but our mission is finally coming to fruition. Today marks a defining moment in the history of traditional finance and the new economy.”
Over the last several days, one percent of the total token supply was distributed to early members of the Polymath community through an airdrop. 250 POLY tokens were distributed to over 37,000 community members who registered through an AML / KYC process, including submitting their passport, driver’s license, or government ID, and being screened against embargoed countries and the OFAC sanctions list.
In total, 240 million tokens have been distributed to early supporters and airdrop members. The remainder of the tokens will enter the circulating supply over the next three months to four years. The POLY token allows users to interact with the blockchain smart contract protocol. Issuing companies will pay a certain POLY fee to create and distribute their tokenized securities on Polymath. Legal delegates, KYC providers, and smart contract developers are also able to stake POLY to provide services on the platform. POLY is an ERC20 standard token that can be used and transferred in a peer-to-peer fashion.
“Projects like ours and tZERO’s are trailblazing the path for the security token industry, making it possible for small businesses to large corporations to diversify their assets, and enhance public access to such assets,” Koverko explained, “Features of the technology include tools allowing security issuers to develop the ability to pay dividends, govern management, conduct proxy votes, and collect fees — it is a neutral technology that can be used for various purposes. With over two billion adults in the world currently unbanked, we are building a platform like no other. Legal delegates, KYC providers, developers, companies, and individuals can all use this tool to decide how they wish to contribute toward the security token movement”
Polymath recently reached the user cap for Telegram, maxing out at 50,000. Since then, Telegram has increased max capacity to 75,000 and Polymath is continuing to grow its user base.