Polymath, a security token platform, has partnered with Netcoins to provide over-the-counter cryptocurrency trading for security token issuers on Polymath’s platform. Polymath has been quickly positioning itself as one of the top platforms for tokenized securities.
Compliant security tokens soon tradeable
Recently, Polymath announced that they would be working alongside Netcoins, allowing OTC transactions globally for the Polymath platform. Netcoins is currently operating crypto transactions in 21,000+ retail locations in Canada, Europe, and Austrailia. The partnership hopes to bring liquidity to Polymath’s platform and give the tokenized security industry much-needed exposure.
Polymath is a decentralized platform that aims to make it easy to create compliant tokenized securities. Polymath’s goal is ultimately to bring the multi-trillion dollar financial securities industry to the blockchain space by streamlining the entire process. Now, OTC trading through a collaboration with Netcoins means that the Polymath platform will soon have a gateway for fiat.
Polymath CEO Trevor Koverko commented on the announcement saying:
“Netcoins will provide top-quality OTC trading services to Polymath issuers which is huge for us… many issuers want the ability to convert some or all of the cryptocurrency they raise into fiat, and we are pleased to provide issuers a direct line to Netcoins.”
The CEO of Netcoins, Mark Binns, likewise commented on the announcement by emphasizing that Netcoins will bring liquidity to the Polymath platforms. “We have complimentary services that can benefit both of our organizations,” he said.
Polymath has been active the last few months in their partnerships, expansion, and visibility. They are developing their own token standard, the ST20, a KYC-compliant open source standard. ST20 tokens can only be held by investors who are authorized. Polymath effectively is providing the cryptocurrency space with an entirely new infrastructure for tokenized securities.
Polymath’s vision is best captured by Graeme Moore’s recent statement that “security tokens will become the default method used for financial securities.” Polymath’s recent partnership with Netcoins is working towards this future.
Have any thoughts on Polymath’s recent partnership? Do we need an ST20 standard? Leave your thoughts in the comments.
Image courtesy of Bitcoin Exchange Guide.
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