Polymath Records 24.6% In Trading Increase Through Last Week, Following Announcement Of SeriesOne Partnership
Polymath uses the proof-of-work protocols for their tokens, involving the Scrypt hashing algorithm. The token has had quite a beneficial week, as its seen 24.6% more trading than the week before, according to data through 3:00pm EST on March 24th.
Much of the attention for the Polymath network has to do with the connection established between KYC providers, smart contract developers, legal experts, and token investors for their security token. They recently announced a partnership with SeriesOne, which will create an “end to end” blockchain solution that will hopefully reduce the difficulties associated with security tokens issuance.
The partnership was announced originally on Tuesday by SeriesOne, who said that the prospective token issuers would have an easier time in the creation of compliant digital securities. Considering the evolving regulatory space with the SEC, compliance with the current rules is crucial to avoid substantial fees or even a shutdown.
Polymath Network is responsible for creating the ST-20 security token standard, which was originally an extension of the ERC-1400 standard from Ethereum. This extension makes it possible to restrict the transfer of tokens hosted on the blockchain. Polymath has said before that this standard could help with the regulatory compliance required of securities, and they also offer backward compatibility through the ERC-20 Ethereum tokens. As such, they can easily be used on the majority of blockchain networks.
Michael Mildenberger, the CEO of SeriesOne, believes that the use of the protocol will help SeriesOne to raise the capital they need. Clearly, the partnership has been helpful to the rising price of Polymath, which is now trading at $0.146606, and has increased by 46.03% in the last 24 hours. This increase is higher than any other cryptocurrency in the top 100 by market cap, according to CoinMarketCap.