Polymath Network, a decentralized platform that makes it easy to create and manage security tokens announced the development of security token blockchain Polymesh on 13 May.
Polymath informed that the purpose-built blockchain would be built in collaboration with Charles Hoskinson, co-founder of Ethereum and Cardano. The news was shared by Polymath Co-Founder Trevor Koverko at the Consensus 2019 stage in New York. Charles would take on the title of Polymesh’s co-architect. Polymath clarified that until now, the platform had built its technology solution for security tokens on Ethereum.
Charles expressed on the proceeding as –
“After co-founding Ethereum and Cardano, two of the most widely used blockchains in the world, I am looking forward to working on PolyMesh. There are quadrillions of dollars of financial securities, and building a blockchain to secure them is an incredibly exciting task.”
Polymath indicated that although there had been over 120 security tokens created using the Polymath Token Studio, their adoption had not yet caught up. The platform believed that this inhibition was largely due to the reason of compliance. Polymath threw light on the fact that Ethereum was not built with regulations or compliance in mind. However, Polymesh is being built from scratch to become the base framework for the world’s capital markets.
Trevor added that they look forward to working with Charles on a specialized blockchain for security tokens. He opined that based on the experience, Charles would be the perfect person to fit for the role at Polymath. Trevor further added that the blockchain is specialized to cater to the needs of security tokens. Often these assets have unique requirements and characteristic that demand a specific foundation.
In March, Polymath and seriesOne partnered to deliver a comprehensive solution for security token issuers. The partnership helps issuers to create and manage tokens that are compliant throughout the entire lifecycle. This is from the initial offering to trading on a secondary exchange. The firm seriesOne is led by executives with over 20 years of traditional investment banking, venture capital, and technology experience. The partnership with Polymath is at the right time considering the rapid expansion of the company.
Polymath concluded by conveying information about its key industry engagements. The platform clarified that the Polymath ST-20 standard embeds regulatory requirements into the tokens. This measure restricts trading only to verified participants. The platform endeavors to simplify the complex technical challenges of creating a security token. It also envisions to bring the multi-trillion dollar financial securities market to the blockchain.