Transforming Traditional Finance with Blockchain
Date: 2023-10-06 Author: Dima Zakharov Categories: CRYPTO PAYMENTS, IN WORLD
Polymath and Its Purpose:
Polymath is a blockchain-based financial platform that functions within the realm of legality. While the majority of the crypto market deals with utility tokens like Ethereum, Polymath specializes in security tokens, which can be likened to stocks or bonds.
The platform allows for the digitization, or tokenization, of real-world assets such as stocks and real estate. Users can create their own tokens, raise funds, and manage investors. It's essentially an avenue for conducting STOs, similar to ICOs but for security tokens.
The Security Token Market:
The security token market is smaller compared to the more common utility token market. However, Polymath boasts several advantages, including the use of its own ST20 standard for almost instant transactions, low fees, and templates for token creation.
Polymath and Compliance:
Polymath places a strong emphasis on adhering to industry regulations and best practices. The platform has a group of consulting firms, and users can connect with legal entities like Aird Berlis, Anderson Mori & Tomotsune, Cassels, and others.
For those looking to conduct STOs, they must undergo KYC/AML verification through one of the suggested firms, such as BlockPass or Glyph. The company aims to involve lawyers and officials in regulating the STO market, with the ultimate goal of making it self-regulating and reducing government intervention.
POLY Token:
POLY is the native token of the Polymath ecosystem, following the Ethereum ERC20 standard. POLY is used for platform management and rewarding legal experts. Those who issue or purchase tokenized assets pay fees in POLY.
It's important to note that POLY is not a tokenized asset itself; rather, it's a standard cryptocurrency like Ethereum. The token is widely available on the market, including on exchanges like Binance and others. POLY can be stored and traded on Ethereum wallets, including the popular MetaMask.
POLY Token Performance:
POLY was released in 2018, and at the time of this publication, it ranks 238th in terms of market capitalization, exceeding $100 million. However, its trading activity is relatively low, currently holding the 2304th position. Daily trading volume for POLY stands at $70,000.
Since its launch, the value of POLY has seen significant fluctuations, going from $0.88 in 2018 to $0.12 in 2023.
