7pass, Polymath Announce First Private Security Token For Cannabis Marketbr>
7Pass, a subsidiary of I.C.E. Malta Limited, finances experienced entrepreneurs and management teams to grow shareholder value in the global legal cannabis market. It provides capital through a variety of financing structures, such as royalty-based finance, private equity, pre-RTO and pre-IPO convertible debt, bridge loans, as well as other equity and debt instruments.
7Pass is using Polymath’s ST-20 standard to create its security token. The ST-20 standard will ensure the token is compliant with both know your customer/anti money laundering (KYC/AML) requirements and securities law prior and post issuance, while enabling global accredited participants to enter the cannabis investment community.
“Polymath is a clear leader in streamlining the creation of security tokens, and offers a flexible and customizable platform that makes STOs more accessible and less complex for both entrepreneurs and issuers alike,” said Francisco Turner, Senior Managing Partner of 7Pass. “Working with them is allowing us to create our ideal security token for the global legal cannabis sector, thereby opening up a multi-billion dollar market to accredited investors and innovators across the globe.”
The Polymath network is a decentralized platform that makes it easy to raise capital and create security tokens. The platform embeds regulatory requirements into the tokens themselves, restricting trading to authorized participants only. 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.
“Polymath has always been at the forefront of the security token industry, including spearheading the ST-20 standard and now supporting the first-ever Security Token Offering (STO),” said Trevor Koverko, CEO of Polymath. “The partnership with 7Pass on their security token is a substantial milestone for us in our journey to showcase the capabilities of our platform and its potential to improve the security, efficiency, auditability, and accountability of the existing securities market.”
In addition to 7Pass, Polymath is also launching security token offerings for four other companies. These include health blockchain firm MintHealth, real estate blockchain startup BlockEstate, blockchain financing firm Corl, and blockchain patent platform IPwe.
“These projects are broad,” Koverko said. “We could have done five venture funds or real estate projects, but we wanted one in each of our key verticals. Like the our name, Polymath, suggested, we wanted to show we can service the entire market from day one.”