The Rise of Polymath (POLY) in Security Token Space
The global securities market has encountered several regulations since time immemorial. With the United Nations Security and Exchange Commission (SEC) flagging securities, Polymath (POLY) has experienced unwavering popularity. The emergence of security tokens seems to be the ‘mega-trend’ in the crypto world today.
As the securities industry joins the blockchain revolution, the Polymath platform provides technological tools for legal professionals, businesses and developers to participate in blockchain-based asset ownership and investment opportunities. Polymath is specifically designed as a decentralized protocol for trading security tokens.
Polymath platform has evolved as a connecting link between the major participants in the crypto space, i.e., Investors, Issuers, Legal Delegates, KYC Providers, and Developers.
Issuers can post bounties in POLY tokens, to encourage legal delegates and developers to bid on providing services towards the issuance.
Investors seeking to purchase security tokens need to pay a POLY fee to KYC providers for verification.
Developers can earn POLY tokens for creating STO contracts.
KYC providers pay a POLY fee to join the network and look for clients who want to be verified after paying a set fee.
POLY token
One interesting feature of Polymath is that it does not own a blockchain. Instead, it has chosen to ride on that of Ethereum with a utility token, POLY. While Ethereum plays a significant role in maturing of tokens, Polymath does the same for securities.
Polymath’s ST20 token standard eases the process of creating and investing in security tokens. It is simple, transparent, open-source and has an in-built KYC.
POLY got listed on Binance in July. This increased its value by leaps and bounds. Also, recently, Polymath has entered into strategic collaborations with Blocktrades.com, Finova Financial, Ausum Ventures, etc. Such advancements have influenced the demand of the POLY token with prices reaching the double-digit mark.
Around the end of September, POLY gained an impressive 12.55% to the dollar to trade at $0.182210.
The Polymath platform strives to minimize the disadvantages that participants encounter to launch security tokens on the blockchain. If this is achieved, it will usher tremendous economic growth and opportunities for people throughout the globe.
