The popularity of Polymath (POLY) has been rising and this is due to increased demand for its market function. With the US SEC flagging securities, the platform now has become a key link between five major stakeholders in the crypto verse; the issuer’s security coins, developers, legal consultants in the market, investors and legal KYC service providers.
The whole idea behind blockchain is to solve existing problems and token is spot-on in its bid to be the preferred security token issuance outfit in the market. When Ethereum plays a pivotal role in the maturing of tokens, Polymath is doing the same for securities. To bring you up to speed:
“Security tokens are crypto tokens issued to investors in a token sale or ICO for the exchange of their money. Crypto tokens that pay dividends, share profits, pay interest or invest in other tokens or assets to generate profits for the token holders are deemed as ‘security tokens’.”
How Does Polymath Operate in the Market?
The most exciting attribute 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. The token makes the platform thrive as those issuing securities post their bids for developers who build the tokens making the process utterly seamless.
As a developer participant on the Polymath network, you are rewarded with POLY tokens to create smart contracts. On the other hand KYC stakeholders pay a set fee to participate in the outfit and search for clients who want to be verified after paying a set fee.
Investors can also use their POLY tokens to get verified before staking on securities. The platform also helps participates get their legal redress from delegates in charge of the legalities involved on the platform for a small POLY fee. It might sound complicated but the system is flawless and fast and breakdown the complex part down for the user.
Polymath (POLY) Progress in the Market
The presence of Polymath continues to be felt in crypto verse and the recent collaboration with a firm that specializes on securities trading, Blocktrades.com, the sky is the limit. This comes after the platform announced a strategic collaboration with Finova Financial that is set to deploy its STO on Polymath.
At the unveiling event, Trevor Koverko, Polymath CEO said:
“Finova Financial is a growth stage, venture-backed company with deployed products, millions in revenues, and rapid growth. With Finova, we are seeing a more mature, venture-backed company using the benefits of tokenization instead of a company at the seed or startup phase,” adding that, “the market is literally begging for a platform that can dramatically lower the barriers to launch a security token.” – Trevor Koverko, CEO and Co-Founder of Polymath – Learn more about what’s coming next: https://youtu.be/F8wd8sDsQxk,
On his part, Gregory Keough, the CEO at Finova added:
“We are very excited to be working with the Polymath team and using ST-20 protocol to show how growth stage companies can forge a new alternative pathway for rising capital and liquidity on a licensed ATS exchange through creation of security tokens.”
Polymath other strategic partners include Ausum Ventures and the deal is for the partners to work as the key points of referring their client to Polymath in a bid to grow the securities token arena through use of innovative technologies.
Runaway Polymath (POLY) Price
After the Polymath Blocktrades.com deal news was broken, the POLY token price has been on the rise and is now in the double digit territory. The last 24hr trading window has seen the coin gain an impressive 12.55% to the dollar to trade at $0.182210. This has also seen its value growth grow to push its ranking to 104 in the crypto verse.
The spike appears to have been initiated by POLY addition on Binance in July terming the token a “community coin”. With the SEC demands and mare coins and tokens entering the crypto sphere, a lot of growth is expected for the token’s community and the POLY token.