Polymath, Charles Hoskinson Team Up on Security Token Blockchain

Polymath is partnering with Charles Hoskinson to build a blockchain network specifically designed to support security tokens.

May 13, 2019 at 3:04 p.m. UTC
Updated Sep 13, 2021 at 9:11 a.m. UTC

Polymath is building a security token blockchain in collaboration with IOHK's Charles Hoskinson, one of the co-founders of ethereum.

Dubbed Polymesh, the new platform will be designed specifically for companies that want to create regulation-compliant security tokens, Polymath co-founder Trevor Koverko announced Monday at CoinDesk's Consensus 2019. In theory, a purpose-built blockchain will help spur adoption of security tokens by streamlining the process for companies looking to launch tokenized assets.

, who also co-founded ethereum and cardano, will be Polymesh's "co-architect," according to a press statement.

Polymath, a security token platform, has already supported the launch of 120 different security tokens, the release noted, but their actual adoption remains low when compared to the rest of the crypto ecosystem.

Compliance with regulations is one reason why, the company contends. It noted that Polymath's security tokens were built on ethereum, the world's second-largest cryptocurrency by market cap.

Ethereum's goal of enabling "unstoppable applications" runs counter to the point of most security tokens. As such, developers working on Polymesh will consider what capital markets may actually need when building the network.

In a statement, Hoskinson said he was "looking forward to working on Polymesh," adding:

"There are quadrillions of dollars of financial securities, and building a blockchain to secure them is an incredibly exciting task."

Koverko added in a statement that Polymath was excited to work with Hoskinson "on the world's first purpose-built blockchain for security tokens." Hoskinson's past experience working on both ethereum and cardano would help in developing this new network, he said.

Trevor Koverko image courtesy Polymath

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
Binance in Talks for Regulatory Approval in Germany, CEO Says

The crypto exchange's founder and CEO said Binance is recruiting compliance personnel for its team in Germany and hopes to win a license there.

The crypto exchange's founder and CEO said Binance is recruiting compliance personnel for its team in Germany and hopes to win a license there.

2
Blockchain Gaming Developer N3TWORK Studios Closes $46M Funding Led by Griffin Gaming

The firm will release two crypto-native games focused around Web 3 following the Series A raise.

The firm will release two crypto-native games focused around Web 3 following the Series A raise.

3
Bitcoin, Major Cryptos Slide as Markets Digest Hawkish Powell Remarks

A day after the U.S. Federal Reserve chair pledged to keep tightening monetary conditions until inflation comes down, analysts and traders from crypto to stocks and futures were assessing the economic impact – from higher mortgage rates to lower company earnings.

A day after the U.S. Federal Reserve chair pledged to keep tightening monetary conditions until inflation comes down, analysts and traders from crypto to stocks and futures were assessing the economic impact – from higher mortgage rates to lower company earnings.

4
Swiss ETP Issuer 21Shares Dives Into US Market With 2 Crypto Index Funds

The new funds are its first crypto products for U.S. customers and will only be available to accredited investors.

The new funds are its first crypto products for U.S. customers and will only be available to accredited investors.