Can Polymath (POLY) Overtake Wall Street?
Polymath (POLY) wants to make it easy for any business to launch its own security token. In respect, the platform could be on the way to achieving what no other cryptocurrency has dared try. On its website, the crypto states its intention boldly- it represents the future.
It sees the future of finance, tokens, securities, and perhaps quite eye-catching, it sees itself as the future of Wall Street. And to illustrate what it can do, the platform says that it currently enables trillions worth of securities to be launched on the blockchain.
Wall Street is sometimes known as the financial and investment district. It brings together a whole community of stock exchanges, multinational banks, and brokerage and securities firms. It’s also where the NYSE is situated.
So, can Polymath overtake Wall Street?
What’s Polymath (POLY)?
Polymath is a St. George, Barbados-based Software Company that was founded in 2017. Polymath (POLY), the cryptocurrency, has put its eyes on revolutionizing the securities industry.
The POLY token is a security token, as its developers have clearly stated from the beginning. It’s a big call, given that no cryptocurrency seems keen on being classified as a security.
Wall Street has the biggest pull for anyone who wants to trade or offer a security asset. As it stands, most cryptocurrencies wish to be seen as being utility tokens, but Polymath is moving towards changing that. It wants to make tokenizing securities for markets like venture capital, real estate, and commodities easier for any interested party.
Furthermore, it seeks to leverage blockchain technology to make trading and transacting securities user-friendly. It thus is on a mission to change and transform the industry.
Some of Polymath’s main protocol functionalities include regulatory-compliant or KYC identity tokens, instant security tokens, and liquidity for private entities.
What does Polymath bank on?
Like any other cryptocurrency, Polymath is banking on blockchain capabilities and the open realization of its revolutionary impact. There are several concepts and features that make blockchain attractive: decentralization, immutability, and transparency.
The platform plans to utilize its own token standard, akin to the ERC-20 tokens on the Ethereum blockchain.
The ST-20 token will be used on the platform to allow any company that wants to offer a securities token to issue one using the blockchain.
And it hopes to penetrate the lucrative market, potentially netting thousands of projects in the process. The project that Polymath is trying to implement is huge and could rival what Wall Street offers.
However, before that happens, the crypto has to see significant growth and adoption. In cryptocurrency, that means seeking partnerships to help put the project to real-world use.
Polymath has over the course of 2017 and this year made partnerships that could help push its agenda towards overtaking the giants at Wall Street.
Some of the earlier partnerships involved companies like Corl Financial Technologies, Crowd Machine, Trustroot, CrowdfundX, Ethereum Capital, and SeriesX. Such an impressive list has been added to lately with partnerships that could define future adoption.
In early June, Polymath partnered Pegasus Fintech. The two platforms are going to collaborate in launching real fan token as well as block development tokens. All these will be launched on the Polymath platform.
According to Polymath COO:
“Pegasus is set to be one of the first firms to advise on security token offerings using Polymath’s ST-20 security token standard.”
Still, in June, it was revealed that Polymath and OpenFinance Network (OFN) were getting into a partnership.
OpenFinance is one of the top trading platforms for alternative assets. According to the details available, securities offered on the Polymath network will be added to the OFN platform.
Juan Hernandez, OpenFinance’s founder, and CEO, believes the partnership will be crucial in moving Polymath’s agenda. He said this about the partnership:
“We share Polymath’s strong focus on security and compliance and we’re excited to work with Polymath on their mission to provide more flexibility on the issuance of security tokens. We share Polymath’s strong focus on security and compliance.”
More of these partnerships are going to drive the cryptocurrency’s agenda going forward. What happens on the market in terms of price may not be a true reflection of what the token is capable of doing. Can it challenge and rival Wall Street?