Polymath Teams Up with Cardano’s Charles Hoskinson to Create PolyMesh for Security Token STOs
The world of Security Tokens should expect something new. Polymath is working with IOHK’s Founder to create a platform called Polymesh. As it is, Polymath has already contributed to the launch of over 100 security tokens, the company will now work in collaboration with Charles Hoskinson on the new project.
Trevor Koverko, Polymath’s co-founder made the announcement at Consensus 2019 on Monday. The new platform Polymesh will be a platform for companies to create regulation-compliant security tokens. The platform will help develops create security tokens that are regulatory compliant as well as create a basis for adoption.
Hoskinson, who is also a co-founder of Ethereum is well known for his other crypto projects Cardano and IOHK. Hoskinson who looks forward to this project comments in a blog post saying:
“there are quadrillions of dollars of financial securities, and building a blockchain to secure them is an incredibly exciting task.”
While Hoskinson, who will be contributing his expertise to the project feels that ethereum was not built to be regulatory compliant, he feels that Polymesh is built to be compliant with local regulatory requirements. Polymesh is built:
“to become the underlying infrastructure for the world’s capital markets.”
Although Polymath was initially launched on Ethereum, the team feels that a layer one blockchain would be needed later on.
Polymesh is neither an open system nor a private permissioned network either. Instead, it is a combination of networks in such a way that multiple ledgers can be put in a setting where they can be utilised on either a closed or open system.
Koverko makes the announcement just two months after Polymath bagged a partnership with SeriesOne, a funding platform in its bid to make security tokens available to developers. Launched in 2018, Polymath Creates an enabling environment for projects to launch compliant security token offerings (STOs) legally.
While Polymath has created more than 120 security tokens, as it is, only five STOs have made it to the sale round since its mainnet launch in mid-September.