Polymath, Shyft Partner To Speed Up Global Financial Ecosystem Growth Using Blockchainbr>
Polymath is a decentralized platform that aims to make it easy to raise capital and create security tokens. The Polymath ST-20 standard 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.
Shyft is a multi-layer blockchain network enabling users to securely obtain, store, inquire about, and work with “regulatory-compliance-satisfying” data. Shyft leverages off-chain know your customer (KYC) processes within a shared ecosystem, using diverse types of data to build credible consumer profiles, including credit, reputation, and regulatory due diligence. In addition, Shyft is working to make the global economy accessible for all by creating credible reputations for the 3.5 billion consumers who are lacking “identities” by today’s standards.
The two companies signed a Letter of Understanding, allowing Polymath to become an active ecosystem participant and data provider for the Shyft network. Polymath will act as both a Trust Anchor and decentralized application (dApp) developer on the network.
“Building the platform that tokenizes securities is a vast and pivotal vision, making the addition of Polymath’s technology and data to our network a key partnership,” said Joseph Weinberg, Chairman of Shyft. “This partnership builds upon our common vision to improve access to capital and build a more financially inclusive future for everyone.”
In addition to Polymath, Shyft is also working with other third-party Trust Anchors, as well as governments, exchanges, and KYC/AML compliance-focused organizations, to enable multi-stakeholder data sharing on the Shyft network.
“Polymath operates in the highly regulated space of financial securities,” said Trevor Koverko, CEO and co-founder of Polymath. “One of the integral pieces of securities regulation revolves around identity and ensuring that only authorized participants are holding certain securities. Shyft provides an elegant and intelligent approach to the problem of identity and we are thrilled to work together.”
Shyft recently partnered with the government of Bermuda to support local blockchain projects. The company pledged to invest $10 million over three years to support the people and government of Bermuda, create new jobs, help re-skill labor, invest in local businesses, education and infrastructure.