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Cryptocurrencies: Purchases in a Real Stock Exchange

Samantha Mitchell

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Polymath

Polymath Has Plans

Polymath has been hard at work this week. Midweek, the company purchased domain name tokens.com. This is one of quite a few purchases over the last few days. The company finance team has certainly been busy that is for sure. What has been happening recently certainly mirrors the firm’s aim in taking over tokenized securities and their issuance.

However, this is not the only target area for Polymath who is also in the midst of negotiations with the Barbados Stock Exchange in order to purchase a large stake. Furthermore, there are in-depth conversations with the trading system tZero. Both deals are far from signed – although they could be completed as early as June – but it does highlight the intentions of the company and their plans for the future. Polymath is very keen to use these two new relationships to develop its new tokens to trade on the transfer of traditional equity into new digital currencies.

As soon as the exchange is fully operational with Cryptocurrencies, the extensive work that has been taken to make sure that transactions are as safe as they can be will come into play. The ST20 platform (as highlighted below) has been devised with the sole purpose to ensure that verifications dotage place before token are issued. It is imperative that these tokens do not get into the wrong hands.

What Will Happen?

Over the coming months, it will be interesting to see how Polymath’s plans evolve. There is a lot of hesitation in the industry at the moment to release tokens. Many are still in their lock-up period – which was instigated by The U.S. Securities and Exchange Commission (SEC) a couple of months ago. The uncertainty of the industry and investigation by SEC in initial coin offerings has led to the move. The main discussions points are determining whether a token is a utility token or a security token.

This isn’t the only roadblock in the journey at the moment to be honest. People are concerned about releasing their tokens because of so many unknowns about the market. One of the major halting points is blocking unaccredited investors from obtaining tokens. Polymath has actually installed a system that produces a whitelist of verified customers, which then approves them for trading. This means that as soon as a token has been distributed by Polymath, investors/buyers should have already gone through and passed the rigorous clearance process. The whole procedure is currently named ST20 and will become the new quality process for security tokens. At present, the tokens will be distributed through Ethereum although this may well change in the not too distant future.

Polymath is not the first and certainly won’t be the last of the firms that is now expanding into issuing tokens. This particular part of the industry is becoming ever increasingly crowded now as more companies try their hand at it. Polymath does offer a good service of supporting those purchasing tokens with consultants to advise on their investment.

Another element of the industry that will most certainly be interesting to watch over the coming months.

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