ST-20 news

A security token format with built-in KYC.

World latest news

Polymath CPO: Security Tokens Are Even Better Than You Think

Security tokens make more sense than utility tokens, according to the latest wisdom among crypto investors. Sure, there are some conceptual gymnastics, but the actual product is a digital equivalent of paper equity, which has been widely traded for almost 500 years. Even the oldest, crustiest investor can buy into that. But according to Thomas Borrel, Polymath’s (POLY) Chief Product Officer, tokenizing paper equity may miss the point. To the contrary, he says, security tokens have far more potential for the global financial sphere than the most bullish investors realize. “Paper equity tokenization doesn’t really add anything,” Borrel told an audience at Blockchain Expo, in London today. In his opinion, all that does is needlessly obfuscate a system that the vast majority of investors know and are familiar with. “Trying to tokenize equity makes it more complicated for investors,” Borrel explained to Crypto Briefing afterwards. “They can buy the exact same asset through their normal channels, and holders won’t be able to realize any of the benefits tokenization offers.” The Polymath network is designed for security tokens. Projects can launch an STO on their platform, and issue equity, in the form of regulatory compliant ST-20 tokens. Following the success of the tZero STO in August, there has been a significant increase in the number of STOs coming to market. Polymath, which launched last August with five STOs, has seen a significant upswing in the number of projects using their platform for their token sales. According to Borrel, there are now more than 116 security tokens available on the Polymath network. What are security tokens good for? For Borrel, the key point is that tokenization can solve legacy problems as well as create new value. “The greatest amount of success is where companies deliver something which could not have been delivered before,” he said. One such example includes overhauling vesting schedules. Rather than employees receiving stock options every quarter, or once every year, security tokens allow companies to pay the equivalent amount paid on a daily basis. This prevents employees who are likely to quit from “coasting” to the next vesting date before handing in their notice. Plus, “every day they become more bought into the organization,” Borrel says, which acts as a better incentivize for them to stay. A vesting schedule which pays out daily would be prohibitively expensive in existing systems. Using blockchain tokens, with minimal transaction fees, this becomes more feasible. As regulators begin to provide legal frameworks for digital assets, more established players will begin to experiment with security tokens and develop clear use-cases for the technology. This might come sooner rather than later, according to Borrel. “What’s absolutely fascinating is the speed of the industry and the speed of regulators too,” he said. “We know how security tokens fit into regulation”. As more securities move to the blockchain, Borrel said, people will finally understand what security tokens are all about. The post Polymath CPO: Security Tokens Are Even Better Than You Think appeared first on Crypto Briefing.
CryptoBriefing

seriesOne to Utilize ST-20 Standard by Polymath

End-to-EndVarious companies have made announcements detailing intended usage of token standards lately. As the development of various crowdfunding platforms in the digital securities sector continues, the time has come for many to choose what they feel is the most promising standard. With this in mind, seriesOne has just announced that they have partnered with Polymath.This partnership will see seriesOne utilize the ST-20 token standard to issue and manage digital securities. The ST-20 protocol is based off of the Ethereum blockchain, and will allow for seriesOne to maintain compliance with global regulations governing the industry.The Future is ST-20For seriesOne, it was a simple choice to settle on ST-20. This token standard was one of the first to be developed specifically with digital securities in mind. As such, Polymath has had more time than most to develop, hone, and market their offering. This effort has seen the standard adopted by various companies, with seriesOne being the most recent.CommentaryIn their press release, the CEOs of each company took the time to express their thoughts on the announced partnership.Michael Mildenberger, CEO of seriesOne, stated,“Investors around the world trust Polymath, which was fundamental to our decision to work together…We are confident that working with the Polymath team using the ST-20 protocol will enhance the process of raising capital on our platform.”Kevin North, CEO of Polymath, stated,“Polymath is proud to work with innovative partners like seriesOne, who has fulfilled a specific demand for a turnkey financing portal for any fundraising process…We are thrilled to be the chosen technology standard for the seriesOne platform, and we look forward to demonstrating yet again how industry can work together to set a standard for creating and managing a successful Security Token Offering (STO).”seriesOneseriesOne is a crowdfunding platform, which specializes in the issuance, distribution, and management of digital securities. Through their platform, issuers are able to effectively, and efficiently, host security token offerings. The company is based out of Miami, and was founded in 2013.PolymathPolymath is a Canadian company, which maintains headquarters in Toronto. The company was established in 2017, and is spearheaded by CEO, Kevin North.To date, Polymath and their token standards remain one of the most adopted solutions in the young world of digital securities. Their own utility token is available for trading on various industry leading cryptocurrency exchanges such as Poloniex and Bittrex.In Other NewsEach of these companies discussed here today have found their way into our headlines in recent months. For a look at what they have been up to recently, make sure to check out the few articles listed below!Bithumb Announces New US Security TokenDigital Securities Consortium formed Between Industry ParticipantsPolymath Proves DEX Security Token ConceptThe post seriesOne to Utilize ST-20 Standard by Polymath appeared first on Securities.io.
Securities.io

Polymath Proves DEX Security Token Concept

The security token launch platform Polymath recently partnered with the decentralized exchange (DEX) Loopring. The partnership allowed Polymath to prove that their ST-20 tokens can remain compliant in secondary markets. The test results showcased this ability as the developers completed their tests successfully.Two tests were conducted. Both tests involved trading an ST-20 token with a “wrapped ETH” token. Wrapped ETH tokens are ETH wrapped in the ERC-20 protocol. The first test attempted to exchange the tokens with all the necessary regulatory requirements met. This test completed as planned. The next test was similar but developers purposely left out certain compliance requirements. This test failed to complete.Transfer Management ModulesThe tests prove Polymath’s ST-20 tokens function properly on DEXs. Compliance on DEXs is possible through the integration of special transfer management modules. Think of these protocols as a third party verification layer built into your ST-20 token. Prior to the transfer of any ST-20 token, the transfer management module requires verification.Transfer management modules work as mini regulators for ST-20 tokens. Only after these modules approve a transaction can the token transfer. Polymath’s ST-20 protocol embeds regulatory compliance regulations directly into the tokens smart contract programming.Polymath via Craft.coSpeaking on the success of the tests, the Vice President for Marketing, Graeme Moore explained the benefits gained from opening up security tokens to DEXs. He described how security tokens are more efficient, secure, and cost less to institute. He argued that security tokens make it easier for companies to meet compliance standards when compared to traditional securities.PolymathPolymath entered the market in 2017 with the goal of simplifying the token issuance process. The platform is based out of Saint George, Barbados and lists Chris HouserChris Houser as the founder.  Polymath is a leader in the security token sector. The platform is one of the main security token issuance platforms in the space.ST-20The firm’s ST-20 protocol functions in a manner similar to Ethereum’s ERC-20 and ERC-1400 token standards. ERC-20 tokens are the most popular type of token in the cryptomarket at this time. Erc-1400 tokens are security tokens that operate on the Ethereum blockchain. ST-20 tokens borrow the best features from both of these standards.LoopringLoopring is a 100-percent open-source decentralized exchange. The platform features a powerful user interface and trading tools. The firm’s focus on an exceptional UX is what made their platform the perfect choice for Polymath’s project. Additionally, Loopring is available in a mobile app.DEXDecentralized exchanges are the natural evolution of the cryptomarket. These exchanges function on a peer-to-peer premise which greatly reduces the risk of hacked or stolen funds. Analysts predict a stark rise in the number of DEXs in operation over the coming months.Polymath ST-20 Continues to ExpandPolymath’s latest test is sure to bolster the firm’s already excellent positioning in the market. Analysts continue to point to liquidity as the main choke point for further security token adoption. The inclusion of DEXs could change this situation in the near future.The post Polymath Proves DEX Security Token Concept appeared first on Securities.io.
Securities.io

Polymath: If Placed On a DEX, Security Tokens Can Be Compliant

CoinSpeaker Polymath: If Placed On a DEX, Security Tokens Can Be Compliant It seems that this Security Token Platform decided to upgrade their existing capital markets infrastructure in order to take advantage of blockchain technology’s benefits. In order to make this upgrade possible, they said that they are aware that there are needs to be a standard for security tokens that utilizes these benefits while satisfying regulations. They wrote: “With a standard in place, security token issuers, investors, exchanges, wallets, custody providers, and regulators can become comfortable with this technology, interoperability becomes easier, and adoption can be widespread. Similar to how the ERC-20 standard enabled the boom in utility tokens on the Ethereum blockchain, there needs to be a standard for security tokens.” The standard they have built at Polymath is ST-20. ST-20 is an extension of ERC-20 that introduces the ability to restrict transfers of blockchain tokens. ERC-20 tokens do not have any transfer restrictions and therefore can be freely traded by anyone. When dealing with securities, all securities holders must be KYC/AML verified, and there are many additional restrictions on the distribution and trading of securities. ST-20 is the solution to this problem. It allows security token issuers to maintain regulatory compliance through transfer restrictions. It is also backward compatible with ERC-20 making it interoperable with much of the existing blockchain infrastructure available today. Certain Criteria Have to Be Met The ST-20 security token standard created by Polymath is an extension of the more generalized ERC-1400 standard that introduces the ability to restrict transfers of blockchain tokens. Polymath said: “They can only be held and traded if certain criteria are met.” Giving the details of the test, Polymath said that it traded a cryptocurrency called “wrapped ETH” with an ST-20 token named Cammazol, with an authorized transfer for the token succeeding and an unauthorized one failing to transfer. Polymath vice president for marketing Graeme Moore said that the two firms carried out the tests to demonstrate that security tokens can be traded in a compliant manner, even on decentralized exchanges. Moore said: “What we are showcasing here is that decentralized exchanges and security token issuers have the ability to maintain compliance through the standardized protocols that Polymath and others have built. And, in fact, security tokens make it easier for issuers to follow regulations, when compared with the legacy capital markets system using paper share certificates.” Polymath also explains that, whenever a trade is attempted, the token asks for external validation from what is referred to as its transfer manager module. If this module goes on to validate the transaction, the STO is added to a whitelist to see whether or not the buyer/seller are allowed to complete a trade of this kind of token. This can only be executed if there is an affirmative from the manager module. Moore concludes: “This is how tokens are able to maintain compliance in the secondary market throughout the entire life-cycle of the token.” Adam Dossa, the director of technology for Polymath said that Loopring’s focus on user experience with their protocol was a great match for Polymath powered ST20 tokens which support an enhanced feature set on top of ERC20 to allow transfers to be fully validated before execution. Bear in mind that in January this year, Polymath announced that they will be locking up around $9 million worth of its tokens for the next five years. This means that up to 75 million of its POLY tokens, which is 7.5% of the total supply, will be unavailable to issuers for the foreseeable future. Also, in June last year, the leading trading platform for alternative asset, OpenFinance Network (OFN), has reached an agreement with Polymath, according to which the Polymath-powered security tokens will soon be added to the OFN’s offerings. * We’ve created most comprehensive guide, which will help you figure out what STO is, how it works, and what’s hidden behind this industry’s disrupter. You can also check the latest Security Token Offerings (STOs) in Coinspeaker’s STO Calendar. Polymath: If Placed On a DEX, Security Tokens Can Be Compliant
Coinspeaker

TokenSoft Rolls Out Unique Custody Solution Designed for Security Tokens Specifically

CoinSpeaker TokenSoft Rolls Out Unique Custody Solution Designed for Security Tokens Specifically TokenSoft has helped other companies with custodial issues already in the past, but now the company is focused on the launch of its own wallet, which will enter in beta testing soon. The product will be named Knox in a reference to Fort Knox, where the U. S. Army stores its gold. TokenSoft co-founder Mason Borda said: “It provides the highest level of security when it comes to storing digital securities, which are newer to the market. The digital asset industry’s been comfortable with storing [coins] for the last few years, digital securities are kind of new ground.” He also explained how digital securities differ from cryptos in that they tend to be less decentralized and have built-in restrictions for traders, while digital assets such as Bitcoin suffer from no such restrictions. Further, digital securities can be asset-backed tokens, representing equity, debt or real estate, as some examples. Borda called the Knox wallet “the first custody solution for digital securities,” adding: “I think it’s a key piece of infrastructure that the industry has ignored up until now, and this puts it on the map as a key piece of infrastructure that’s necessary to service digital securities.” In developing Knox with the team, Borda leveraged his pedigree in building institutional grade custody solutions from having worked in the early stages of Goldman-backed BitGo. The Knox wallet can hold any ERC-20, ERC-1404, DS-20 (Securitize), ST-20 (Polymath) or Harbor’s R tokens. It also will support Bitcoin and Ethereum, though Borda emphasized that the focus would remain on digital securities rather than cryptocurrencies. However, such securities can be built on top of the ethereum, stellar, R3 or Hyperledger blockchain platforms. Borda said: “We built Knox for our clients of all types who are launching asset-backed tokens and collectively are planning to place over $1 billion in digital securities on to the blockchain in 2019. As these assets arrive on the blockchain, there should be adequate solutions to secure them.” Incorporating Three Levels of Security Knox incorporates three levels of security: offline cold storage, role-based access control, and cryptographic authentication. They said they are expecting a number of types of enterprises to use Knox Wallet, including exchanges that could use it to manage and administer assets trading on their platform. Knox further bolsters TokenSoft’s security-first software support for digital assets, giving issuers an enterprise grade tool for managing their securities and cryptocurrencies. Through TokenSoft’s platform, issuers can take actions, such as reducing the number of outstanding shares (or tokens), increasing the number of shares outstanding, or creating a separate class of shares. Moreover, since it’s an enterprise grade tool, it also gives users the capability to take actions, such as reducing the number of outstanding shares (or tokens), increasing the number of shares outstanding, or creating a separate class of shares. Along with the Beta version announcement, the company invites those who are interested for a demo to signup. The product itself is currently undergoing a testing phase and will be available in full version on the first quarter 2019. Two weeks ago, Borda in his blog post has expressed optimism that 2019 just may be the year security tokens begin to form a significant sector of the blockchain space. He wrote: “We’ve seen a variety of sources predict that security tokens will represent 10% of GDP by 2024 (which equates roughly to $8 trillion). Those involved in the space certainly experienced the slowdown in the 2nd half of 2018… Many jumped into blockchain projects without the understanding of whether their blockchain-based instruments were securities, which would require adherence to securities regulations.” Just for a reminder, in December last year, then newly launched TokenSoft Global Markets LLC. said that as a result of the deal, they will enable issuers to choose whether to host a token sale themselves or work with a broker-dealer to manage the token sale on their behalf. * We’ve created most comprehensive guide, which will help you figure out what STO is, how it works, and what’s hidden behind this industry’s disrupter. Enjoy! Also, you can check the latest Security Token Offerings (STOs) in Coinspeaker’s STO Calendar. TokenSoft Rolls Out Unique Custody Solution Designed for Security Tokens Specifically
Coinspeaker

TokenSoft announces ‘Knox Wallet’ – A Mobile Custody Solution for Security Tokens

AnnouncementTokenSoft has been off to the races in 2019. Today, the ambitious company announced the beta-launch of their newest service – a mobile custody solution for digital assets, including digital securities. This service is known as the ‘Knox Wallet’. It should be noted that this is a beta-launch.This custody solution comes on the heels of another recent custody announcement by TokenSoft, which will see them refer Coinbase as a third-party custody solution to their clients.Knox WalletThe wallet represents one of the first mobile, cold-storage solutions for securing digital securities. Much of the draw towards digital securities is security.  As a result, it should come as no surprise that this played a key role in product development.The Knox Wallet supports various levels of securityOffline Cold StorageStore keys offline, away from damaging malwareRole-based Access ControlMultiple levels of verification needed to approve transactionsCryptographic AuthenticationAccess restriction through encrypted authenticationsThe role of this wallet is quite complimentary to other services offered by TokenSoft. As the company offers end-to-end solutions for clients wishing to tokenize, TokenSoft can now offer these same clients a sound custody solution.With this development, TokenSoft has the ability to sell, issue, manage, and now store digital securities. This is all while utilizing their very own token protocol, ERC-1404. The wallet also supports other security token standards.  For example, these include Harbor R-Token, Securitize DS-20, Polymath ST-20, and more.For more detailed information on the Knox Wallet, make sure to read the TokenSoft Knox Wallet FAQ.CommentaryTokenSoft CEO, Mason Borda, commented on the release of the Knox Wallet. He stated the following,“As real-world assets enter the blockchain world, it’s important to protect them with the same level of security we treat traditional digital assets…We see this of critical importance given that almost $1 billion of cryptocurrency was stolen by hackers in the first three quarters of 2018 alone.”TokenSoftBased out of San Francisco, California, TokenSoft finds itself as a leader within the digital security sector. Catering to customers like Andra Capital, Hedara HashGraph, and more, TokenSoft specializes in blockchain solutions. Above all, they provide customers with the platform and services needed to issue and manage digital securities.Company operations are overseen by CEO, Mason Borda. At TokenSoft, he has effectively used experienced gained at other blockchain companies such as BitGo, to create the promising company being discussed here today.In Other NewsIn past months, we have detailed TokenSoft a variety of times. While the company has shown no signs of slowing down in the future, here is a look at a few of the articles we’ve written in the past:TokenSoft Global Markets adds Coinbase Custody, expanding Security Token servicesTokenSoft Extends Reach with ‘Global Markets’ERC-1404 : TokenSoft Launches New Security Token StandardThe post TokenSoft announces ‘Knox Wallet’ – A Mobile Custody Solution for Security Tokens appeared first on Securities.io.
Securities.io

The Growing World of Security Token Protocols

The Growing World of Security Token Protocols Security tokens are one of the fastest growing sectors in the cryptomarket. These tokens allow companies to remain government compliant and utilize blockchain technology to enable more secure business transactions. As the security token market expands, more security token protocols become available to the public. The Right Token for the Job Security tokens contain regulatory protocol directly within their coding. This self-contained script is perfect for use in tokenization scenarios. When a token represents ownership rights to a piece of property, revenue sharing, security or other regulated item, security tokens are the only option. Security token adoption increased significantly in the last few months. Currently, Security tokens make up around 6.54 percent of the total crypto market according to a recent study provided by Hashgard. Service tokens account for the largest percentage of the market at 49.05 percent, followed by utility tokens (25.3%), and hybrid tokens (12.47%). Another report published by ICORating showed that STO growth climbed 1.66 percent during Q3 2018. At the same time, utility token issuance decreased by 10 percent.  More Options Security token protocols come in a lot of different styles nowadays and depending on the functionality of the security token in question, certain protocols are better suited to handle the tasks. Consequently, this need for function-specific security tokens ushered in a wave of new security token protocols.   ST-20 Polymath’s ST-20 protocol was one of the first security token standards to enter the market. The token features integrated KYC (Know Your Customer) and AML (Anti-MoneyLaundering) mechanisms. Polymath users can issue customized security tokens directly through the platform using the simplistic interface. What makes the ST-20 unique is that the token is issued on Polymaths custom built blockchain. The token is hugely popular as Polymath is one of the largest security token launch platforms available to the public. The company was the first firm to launch a global security token conference. As an early entry to the security token race, Polymath wanted to take all the regulatory shortcomings of the ERC-20 protocol and give companies a more secure alternative. The firm succeeded in creating a widely used security token standard. SFT (Secured Financial Transaction Protocol) The SFT protocol entered the market on November 28, 2018. This security token protocol uses Solidity. Solidity is a programming language used by Ethereum developers. SFT tokens live on the Ethereum blockchain. This protocol features many of the robust and modular features found in the popular ERC-20 protocol such as easy smart contract programming.SFT tokens enable the tokenization of debt and equity-based securities. German-based Hyperlink Capital entered the market on July 1, 2018. The development team created the SFT protocol for their digital securities platform which is intended to expand adoption of blockchain-based capital markets. The company has a history of activity in the blockchain space. Recently, Hyperlink Capital’s focus is on tokenized securities. ERC-1450 News of the ERC-1450 protocol entered the market in November 2018 via a medium post by StartEngineFounder Howard Marks. This protocol was developed for creating digital stock certificates. The company behind the protocol, StartEngine Secure, seeks to offer entrepreneurs democratized access to funding. StartEngine Secure entered the blockchain sector in2012 shortly after the signing into law of the Jumpstart Our Business StartupsAct which was an effort to provide access to more capital for startups. The platform features full transparency and a registered transfer agent updates ownership details in accordance with securities laws. The data is published via the Ethereum blockchain. CAT-20 / CAT – 721 The CAT-20 and CAT-721 protocols are the world’s first multi-ledger security tokens. These tokens can be transferred across blockchains including Ethereum, Ripple, EoS, GoChain, and Stellar. Tokens issued on CAT-20 and CAT-721 protocols support Securrency‘s full suite of token issuance tools. Washington-based Securrency entered the market in2015. The Securrency platform features an automated source of funds verification system and an easy to learn user interface. Additionally, the company behind the protocol, Securrency, employs a Service and Rules engine which maintains compliance across secondary market trading. DS Protocol The DS protocol is an open-source development infrastructure designed around the needs of the security token industry. TheDS Protocol is open-source and designed to support third-party applications. Tokens issued on this protocol reside on the Ethereum blockchain. Securitize issued the DS Protocol on Jun 5th, 2018 via a press release. DS includes integrated compliance and registry services. Also, token holders receive regular updates about relevant events via their tokens. The DSProtocol focuses on creating more liquidity within the security token arena. R-Token The R-token standard entered the market on February 6th, 2018. R-tokens are ERC-20 tokens with built-in regulatory smart contracts. The regulatory services of these tokens configure to meet the needs of the issuer. The R-token standard features integrated KYC, AML, and taxation services. Harbor developed the R-token protocol for use within their popular token issuance platform. In April 2018 Harbor successfully raised $28 million to further development into their tokenized securities platform.  SRC20 The SRC20 protocol allows users to tokenize any item. The protocol is a cryptographic standard with integrated governance. Users can tokenize securities, buildings, farms, businesses, hedge funds, and even ownership in development projects. The flexibility of the SRC20 token is its strong point. SRC20 operates on the SWARM platform. The SWARM platform incentivizes users for their positive contributions. The platform learns from your fundraising campaigns and uses the data to facilitate a more user-friendly experience every time you start a new campaign. tZERO The tZERO protocol integrates the benefits of blockchain technology into the existing market systems. ThetZERO platform will one day facilitate both the issuances and easy trading of security tokens. The developers seek to create the first national securities exchange specifically designed for security tokens. tZERO is the direct result of a strategic partnership with BOX Digital Markets. Earlier in the year tZERO filed an SEC form D. Form D is required by companies that seek to issue securities. IF the form is approved, tZERO would be the first SEC regulated security token issuance/trading platform in the cryptospace. More Security Token Protocols on the Horizon The Security token sector is just heating up and you can expect many more entries into the market as the year wraps up. Companies want the benefits of blockchain technology and security tokens provide these features without worry. It will be interesting to see how each of these protocols fair in the coming months as the market’s competition increases. The post The Growing World of Security Token Protocols appeared first on Securities.io.
Securities.io

BANKEX Token Exchange Launches as a New Security Token Trading Platform

Issuing and trading of security tokens are emerging as a modern and efficient way for startups in the blockchain scene to raise funds. In 2017, over $5 billion was made available to startups through ICOs, a new model of issuing crypto tokens to the public in a similar fashion to share trading with the public offering of companies. BANKEX, the leading Fintech Company, recently established its token exchange to facilitate the trading of security tokens alongside the utility models. The BANKEX Token exchange will support multiple token standards such as ERC-1400, ST-20 and the ERC-888 model that incorporates KYC verification methods. According to BANKEX, its experience and familiarity in the issuing of security tokens was a cause to the launch of their first STO framework. The platform intends to lend services that will cover the entire life cycle of a security token under a diverse set of regulatory framework for tokenization. The services will include BANKEX's digitization, secondary market trading, and burning. These solutions will be accommodated via the BANKEX Digital Deal and will meet both the AML and KYC requirements. Choosing BANKEX's Token Exchange There is evidence of a growing interest in assets getting tokenized at a fast rate within real estate, venture funds among other industries, new startups are adopting the STO model, and with BANKEX's seeks to establish a foothold within the market. The move could become a game-changer for startups because they can safely develop and maneuver themselves in the securities landscape thanks to the BANKEX token exchange. BANKEX, for example, stores its digital assets in the BANKEX Custody service. The cold storage of the Custody services ensures the assets are not lost, and businesses don't experience issues of insecure storage. The storage database server is also secure from human interference since BANKEX's only uses electronic modules to access it. In essence, the wallets under the Custody Service are encrypted, and hacking would need a whole series of nested keys kept within the Hardware Security Module (HSM) on the Amazon cloud. BANKEX's introduction of their token exchange also presents a new opportunity for algorithm-based spot traders in the crypto market. Since its permits high-frequency trading (HFT) and implementation of the Application Programming Interfaces, users can select their strategies, program their instruction and execute the broker plans. In the future, the BANKEX Token Exchange intends to introduce margin trading in connection with liquidity providers. What Next BANKEX is also in line to acquire its license from Malta's Financial Services Authority through the Virtual Financial Assets Act service provider. But achieving the Maltese license is the first step to growing BANKEX's reach. The token exchange is also seeking permits from financial authorities in the United States, Switzerland, South East Asia, and the Cayman Islands. About BANKEX BANKEX is a top Fintech company providing Bank-as-a-Service on blockchain options and the development of the Proof-of-Asset protocol. Its primary product, the POA protocol, utilizes the ERC-20 utility token for payment purposes and the creation of the Smart Assets in the ecosystem.
Bitcoin Exchange Guide

Blockchain Firm BANKEX To Launch Security Token Exchange

Malta-based Fintech BANKEX will be launching its own token exchange that will enable trade of basic pairs of utility tokens and complex security tokens connected to real-world assets. BANKEX operates a Proof-of-Asset Protocol to bring Bank-as-a-Service (BaaS) and blockchain together and facilitate the digitization, tokenization and exchange of traditional assets, ushering in a new era for finance and banking: Securitization 2.0. Its infrastructure services and technologies include the STO framework, which offers services covering the entire life cycle of a security token. Other offerings include custody service, Ethereum Plasma Prime, supply chain, and digital deal. The company’s new token exchange will serve as a secondary market for security tokens and will support ERC-1400 and ST-20 token standards, as well as its own ERC-888 security tokens that incorporate know your customer (KYC) verification methods. The trading platform will store crypto assets in BANKEX Custody Service, an eminently secure cold storage depository. It will undergo a brief evaluation period over the next few weeks to ensure optimal operations for all customers. “The tokens that will be supported by the new exchange will only be available to people who have gone through and been approved by KYC and AML procedures,” the company said. “The author of a token, i.e. the business or the developer that is responsible for the token offering, can create and monitor rules for both the KYC and AML procedures.” The company said that they will apply for a Virtual Financial Assets Act service provider license in Malta next year in order to list security tokens in full accordance with Maltese legislation. “The Malta Financial Services Authority license is granted only to exchanges that have strong know your customer (KYC) and anti-money laundering (AML) procedures in place,” the company said. “In conjunction with this initiative, BANKEX is also working towards getting licenses in Switzerland, South East Asia, the United States, and the Cayman Islands.”
BlockTribune

What Is Polymath Network?  Introduction to POLY Token

What Is Polymath? Polymath is a security token platform that uses the ST-20 token standard to ensure compliance with government regulations when issuing digital securities. Polymath is a platform like Ethereum, but instead of creating utility tokens like an ICO platform, it offers equity in a company – a model which has a well-established regulatory framework. Polymath focuses on KYC, AML, and other legalities to ensure regulatory compliance with securities laws. ICOs came under fire from government regulators around the globe in 2017 and 2018.  The difference between an ICO (initial coin offering) and an STO (securities token offering) is the resulting equity stake in the company. The effort from Ripple Labs to separate itself from the XRP token and the legal woes behind Tezos are great examples of the perils early blockchain projects face, as their networks, foundations, and tokens are used interchangeably, and the actual lines between them being blurred. When the concept of the ICO was proven, everyone jumped on the bandwagon. It became a big business, with $5.6 billion raised by ICOs in 2017 and over $13 billion in 2018, according to PwC Switzerland. This money attracted some bad actors, and over $100 million was lost to ICO exit scams. Polymath believes it has the answer, sparking the rise of the STO and building a solid blockchain ecosystem. But is this really the death of the ICO? Before answering that question, let’s take a look at the POLY token and its performance on the cryptocurrency market. POLY Cryptocurrency Summary As of November 19, 2018, the circulating supply of Polymath is 286,737,107 out of a total supply of 1,000,000,000 POLY. The peak price so far was $1.59 on February 19, 2018. Although Polymath created the ST-20 token standard, they’re staked using POLY, which is an ERC-20 token on the Ethereum blockchain. This means while Polymath enables security offerings, its own native token is a utility token itself. The Polymath ICO was the first to actually be registered with the Securities and Exchange Commission and be fully SEC compliant. Over $59 million was raised during a private token sale to accredited investors. Once it got its foot in the door, Polymath built the road for everyone else in crypto to follow. The initial token supply of 240,000,000 POLY was airdropped to Polymath participants registered by January 10, 2018. The remaining supply was retained by the founding team. POLY can not be mined. POLY fuels transactions on the Polymath network, just like ETH does for Ethereum. Over $4 million worth of POLY is traded on a daily basis. It’s supported by a variety of cryptocurrency exchanges, including CoinZest, Upbit, Binance, Bittrex, Huobi, and LATOKEN. POLY trading pairs include ETH, BTC, and fiat currencies like KRW. Because it’s an ERC-20 utility token, POLY is supported by any ERC-20 compatible wallets, including Ledger’s hardware wallets and MyEtherWallet. Securing the Wild West of Crypto When scaling a business, money is needing to fun growing operation months, sometimes even years, before enough revenue is collected to be profitable. To raise capital, companies will issue shares of their company. These shares are a stake, or stock, in the company that provide voting, profit-sharing, and other rights. Of course, in an unregulated (or under-regulated) market will bring bad actors. Just like how the ICO market attracted exit scams, the New York Stock Exchange back in 1929 was filled with overvalued stocks with no real backing. The stock market crash in October of that year led to the Great Depression. The SEC is one of many government agencies created in the aftermath. Specifically, the SEC was created by the Securities Exchange Act of 1934. Securities law has two main focuses, in the agency’s own words: Companies publicly offering securities for investment dollars must tell the public the truth about their businesses, the securities they are selling, and the risks involved in investing. People who sell and trade securities – brokers, dealers, and exchanges – must treat investors fairly and honestly, putting investors’ interests first. To maintain this public trust, publicly held companies (those who sell shares to the general public on the open market) are required by the SEC and its laws to file registration statements for newly-offered securities, annual quarterly filings (Forms 10-K and 10-Q), proxy materials sent to shareholders before annual meetings, annual reports to shareholders, documents concerning tender offers, and filings related to mergers and acquisitions. In addition to these documents, SEC investigators routinely monitor emerging and established markets for signs of information misrepresentation, market manipulation, unregistered securities sales, insider trading, and other illegal activity. Most ICOs were being targeted for selling unregistered securities, although some have violated other rules. As a whistleblower, I’ve dealt with the SEC’s enforcement agents, and they are remarkably intelligent and effective people. In other words, not to be messed with. Navigating all this information takes the help of a skilled professional. And that’s where the Polymath network comes in. Under the Hood of Polymath Polymath has four layers in its blockchain: Protocol, Application, Legal, and Exchange. The protocol layer is the smart-contract layer with all of the terms built in. The application layer is where the security tokens are created. The legal layer is the network governance layer, where templates are created and used by accredited lawyers. The exchange layer works like Bitcoin’s digital ledger. Three parties are then involved in transactions. Investors, developers, and issuers. Issuers pay POLY to create and issue securities tokens. Investors pay POLY for KYC/AML verification and transaction fees. Developers receive POLY for keeping the network updated and secure. Because it’s dedicated to securities tokens, Polymath is a full-stack ST platform that makes it easy for anyone, even without technical knowledge, to issue a security. Using a decentralized model with a digital ledger, Polymath is basically a “securities in a box” platform that is useful beyond blockchain to the foundation of Wall Street itself. Here are the fields presented when you create a token on the Polymath network: Legal Name: Legal Entity Type: Type of Security: Project Description: Logo: TOKEN CHARACTERISTICS Voting Rights: Dividend: Dividend Frequency: Corporate Governance: Governance Integration Partner: Additional Features: TOKEN ALLOCATION Tokens to Create: Percentage of Tokens Held by Company: Percentage of Company Equity Distributed With Tokens: Price per Token in USD: LEGAL DETAILS Issuing Jurisdiction: Offering Security To: Investors Must be Accredited: Investor KYC Needed: KYC Integration Partner: Tokens Freely Tradable: CONTACT DETAILS Contact Name: Position at Company: Contact Phone Number: Contact Email: Permit Contact from Polymath: Once a token is created, you’ll shop for legal delegates using your own due diligence and price shopping. You then pay your fee to the lawyer to prepare your legal documents to register with the SEC and other regulators to remain compliant. To become an investor, you’ll need to choose a KYC provider and place the required POLY balance in escrow. This will verify your identity and accreditation status, which is stored in a smart contract by the provider. Selling security tokens isn’t as easy as selling POLY on a crypto exchange. Only authorized, accredited investors can take ownership. Because it’s baked into the smart contract, selling to an unaccredited investor will be like attempting to submit a web form without filling out the required fields. And crossing all your T’s and dotting I’s is important when filing securities with any government entity. That’s why Polymath is attracting so many partners on its STO platform, including: tZero – Overstock’s blockchain-based subsidiary is building a better Wall Street infrastructure on the blockchain. Minthealth – A healthcare solution that puts patient medical information on the blockchain. Corl – An investment platform that lets businesses offer revenue sharing instead of equity, an ironic twist on Polymath’s focus on securities. BlockEstate – A fund using the blockchain to tokenize real estate transactions. Although it offers a different crypto product, the success of Polymath hinges on the strength of its ecosystem, just like Ethereum. These partnerships are a good sign the industry likes what Polymath is doing. Polymath Summary The Polymath network is a turn-key securities platform similar to Ethereum, but with a focus on government compliance. This focus makes Polymath a beacon leading the industry way from the ICO and down the path of the STO. Polymath’s quest to make cryptocurrency acceptable by governments worldwide depends on these key features: Polymath is a four-layer blockchain that includes securities issuers, investors, and developers to ensure full KYC/AML compliance for issuing financial securities. ICOs became a lightning rod for government regulators around the world due to exit scams exposing the lack of rights to coin holders. STOs put new blockchain launches in compliance. POLY utility tokens are used to pay for services and make transactions. Only accredited investors can use POLY to buy security tokens, but anyone can buy POLY on ERC-20 marketplaces. With these pieces in place, Polymath is at the forefront of an important rush in the blockchain industry. Compliance is a crucial step to mainstream crypto acceptance, and Polymath may have the formula to lead the charge. The danger of being in front, however, is being shot in the back or passed up by those behind you. We’ll wait and see how well Polymath sustains over time.   The author is not currently invested in any coin, token, or asset mentioned in this article.   The post What Is Polymath Network?  Introduction to POLY Token appeared first on Crypto Briefing.
CryptoBriefing

Polymath’s Blockchain ST20 Protocol for Security Tokens Sees Finova Financial Plan to Use

Polymath, a blockchain protocol built to help create security tokens, has declared a strategic investment in Finova Financial, looking to help it with its planned security token offering. The CEO of Polymath Trevor Koverko stated that: “Finova Financial is a growth stage, venture backed company with deployed products, millions in revenue, 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 early start up phase.” Finova Financial Receives Over $100 Million in Venture Capital Finova Financial has raised more than $100 million in private equity and venture capital. Its financial products are designed and deployed right into consumers, with the CEO of the company, Gregory Keough, saying that they will use the ST-20 protocol to demonstrate how growth state companies can come into a deal forming a pathway for future liquidity and raising capital. “We’re very excited to be working with the Polymath team and using the ST-20 protocol to show how growth stage companies can forge a new alternative pathway for raising capital and future liquidity on a licensed ATS exchange through the creation of security tokens.” Gregory Keough is the Founder of JOBS Crypto Offering The CEO of Finova Financial, Gregory Keough, is the man behind JOBS Crypto Offering (JCO), a project, if seen to completion, would give investors a chance to put in their money in equity ownership of privately held firms using cryptocurrency. In a JOBS Crypto Offering, tokens that represent ownership of shares are tracked on a blockchain or distributed ledger. The model of the project has been chosen as the focus initiative for the Institute for Blockchain Innovation, a newly-formed think tank comprising of pioneers in both blockchain-based and traditional financial institutions, along with leaders from government, venture capital, entrepreneurial, regulatory, and corporate backgrounds.
Bitcoin Exchange Guide

Polymath Completes Strategic Investment In Finova Financial

Finova Will Be Using the Polymath Platform and ST-20 standard for their planned Security Token Offering Polymath, a blockchain protocol that makes it easy to create security tokens, announced today a strategic investment in Finova Financial, a digital financial services provider transforming the future of global financial services. Polymath joins Jeremy Gardner from Ausum Ventures and many other leading blockchain/crypto pioneers as investors in the Finova Financial private sale. Polymath CEO Trevor Koverko stated, "Finova Financial is a growth stage, venture backed company with deployed products, millions in revenue, 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 early start up phase." Finova has raised over $100M in venture capital and private equity and its financial products are built and deployed straight to consumers. Finova CEO Gregory Keough said, "We're very excited to be working with the Polymath team and using the ST-20 protocol to show how growth stage companies can forge a new alternative pathway for raising capital and future liquidity on a licensed ATS exchange through the creation of security tokens." Keough is the creator of JOBS Crypto Offering (JCO), which, if completed, would give investors the opportunity to invest in equity ownership of ...Full story available on Benzinga.com
Benzinga
More news sources

Trending

Hot news

Hot world news

Twitter Spoof: BitConnect 2.0 to Return in July; BCC Token to Rise from the Crypto Graveyard?

Bitcoinnect is known for its high yield investment platform Bitconnect.co. The company had a cryptocurrency Bitconnect Coin (BCC) which investors bought with Bitcoin to gain a 0,25% daily interest. The company also has a lending platform and exchange which closed due to warnings from Texas and North Carolina authorities. Some unknown person is however working […]
Bitcoin Exchange Guide

MakerDAO Token Holders Vote on Whether to Lower DAI Stability Fee by 2%

MakerDAO Token Holders Vote on Whether to Lower DAI Stability Fee by 2% A vote about whether to decrease the so-called stability fee for MakerDAO’s ethereum blockchain-baseddecentralized stablecoin DAI has started. The vote was announced on the organization’s blog on May 17. If approved, the latest proposal would decrease the stability fee by 2% to […] Cet article MakerDAO Token Holders Vote on Whether to Lower DAI Stability Fee by 2% est apparu en premier sur Bitcoin Central.
Bitcoin Central

Crypto-Market Top Weekly Performers: Bitcoin, Ethereum, XRP, Stellar, Tezos, Binance

Bitcoin bulls have turned out to be more relentless than the most have predicted from its historic prices. However, the fundamentals around Bitcoin [BTC] seem to be stronger than ever with the Bitcoin virus apparently spreading to the east now. Mati Greenspan, the senior market analyst at eToro tweeted, “BTC on the move again… Asian market certainly doing their bit today.” This is coming after a huge pullback on 17th May 2019. A Bullish Marubuzo with was seen in the 0: 00-4: 00 Hours UTC on 19th May as the market broke above $8000 again. This the second time the market has attempted to break it after a huge correction. BTC/USD 1-Day Chart on Bitstamp (TradingView) The other four performing coins Opening Price: $6968 Closing Price: $8109 The weekly gains: 11% Weekly High/Low: $8390/$6178 Binance [BNB] Coin Binance [BNB] coin was trading in the red in the last week’s update trading around $20. Nevertheless, the token started picking up value again as normal operations began at Binance Exchange after the hack. This week Binance also initiated the process of burning token from the Ethereum blockchain to process them on the native Binance Blockchain. BNB/USD 1-Day Chart on TradingView Opening Price: $20 Closing Price: $29.5 The weekly gains: 40.6% Weekly High/Low: $32.2/$19.9 Stellar [XLM] Stellar’s rise was higher than most coins during the week as it held gained 35% on a weekly scale. The Stellar validators were reportedly shut down for two hours on 15th May 2019. As Bitcoin continued to correct and rise, Stellar held it gains above 0.00001750 BTC. XLM/USD 1-Day Chart on Bitfinex (TradingView) Opening Price: $0.10 Closing Price: $0.14 The weekly gains: 46% Weekly High/Low: $0.16/$0.117 Ethereum [ETH] Ethereum has been the top performer in leading altcoin gains in terms of total market capitalization. The total market capitalization of Ethereum is above $25 billion. It still accounts for more than 10% of the total capitalization of cryptocurrency markets. Also Read: Ripple’s XRP and Ethereum Fight for 2nd Place Behind Bitcoin In The Wake of a Bull Run ETH/USD 1-Day Chat on Coinbase (TradingView) Opening Price: $188 Closing Price: $259 The weekly gains: 38% Weekly High/Low: $281/$185 Tezos [XTZ] Tezos [XTZ] has been one of the best performing coins of the year. It has gained more than 100% before the bull run on Bitcoin began. The gain was influenced by the Coinbase allowing Tezos [XTZ] as the first coin which could be staked/forged on the Coinbase Custody platform. It was on the rise again this week as the market seems to have broken bullish since the beginning of the month. It broke above $1.75 as it set sights on to $2. XTZ/USD 1-Day Chart on Bitfinex (TradingView) Opening Price: $1 Closing Price: $194 The weekly gains: 25.4% Weekly High/Low: $207/$157   XRP, Dash, IOTA, and Cosmos [ATOM] The almost all altcoins were in the green on a weekly scale. While the above-mentioned cryptocurrencies rose higher than the rest, XRP, Dash, IOTA, and Cosmo [ATOM] also registered more than 20% gains. The gain in XRP was considerable as it broke above the $18 billion market capitalization. Moreover, the weekly rise is about 25%. The dominance of XRP over cryptocurrency market is about 7%. The rise of Dash, IOTA, and ATOM is 21%, 31% and 23$ respectively on a weekly scale. XRP/USD 1-Day Chart on Bitstamp (TradingView) *The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $0.5 billion is 0.23%. Hence, for Analysis purpose we will only consider cryptocurrencies with a total market capitalization $0.5 billion or more. For future analysis, we’ll try to maintain 0.25% as a standard for the calculation. **The data is taken at around 11: 00 Hours UTC on 19th May 2019.  The post Crypto-Market Top Weekly Performers: Bitcoin, Ethereum, XRP, Stellar, Tezos, Binance appeared first on Coingape.
CoinGape
By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.