Polymath, the leading security token platform, has announced that they will build a purpose-built security token blockchain, Polymesh, in collaboration with Charles Hoskinson, co-founder of Ethereum and Cardano.
The announcement was made from the Consensus 2019 stage in New York by Polymath Co-Founder Trevor Koverko, alongside the Ethereum and Cardano co-founder, Charles Hoskinson. Charles will take on the title of Polymesh’s co-architect.
Until now, Polymath has built its technology solution for security tokens on Ethereum. While there have been over 120 Security Tokens created using the Polymath Token Studio, adoption of security tokens has not caught up with the excitement surrounding the ecosystem. Polymath believes this is largely due to one reason: compliance.
Ethereum was not purpose-built with regulations or compliance in mind. It was built to enable “unstoppable applications”. By contrast, Polymesh is being built from the ground up with these considerations to become the underlying infrastructure for the world’s capital markets.
“We’re incredibly excited to work with Charles on a purpose-built blockchain for security tokens,” said Trevor Koverko, co-founder of Polymath. “As the co-founder of both Ethereum and Cardano, Charles brings one-of-a-kind expertise to Polymesh, and is the perfect person to act as Polymesh’s co-architect.”
“After co-founding Ethereum and Cardano, two of the most widely used blockchains in the world, I am looking forward to working on PolyMesh. There are quadrillions of dollars of financial securities, and building a blockchain to secure them is an incredibly exciting task.” Charles Hoskinson, co-founder of Ethereum and Cardano, founder of IOHK.
About Polymath
Polymath Network (Polymath) is a decentralized platform that makes it easy to create and manage security tokens. The Polymath ST-20 standard embeds regulatory requirements into the tokens themselves, restricting trading to verified participants. The platform simplifies the complex technical challenges of creating a security token and aims to bring the multi-trillion dollar financial securities market to the blockchain. For more information, please visit https://polymath.network.
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