Cryptocurrency

Polymath is Looking to Buy a Real Stock Exchange

There has been speculation regarding a domain name purchase by security token project, Polymath (Poly). A YouTube video from January 2018, on the DomainInvesting.com website, suggested Polymath had paid $500,000 for tokens.com. At the time the Whois records still showed the original domain owner of “Nevada Coin Minting,” so the announcement may have been a little premature.

During the Consensus 2018 event held in New York from May 14 to 16, 2018, the ownership of the domain name was mentioned again. The Whois records still show the original website title of “Nevada Coin Minting – Private mint manufacturing coins, tokens and medallions.” The tokens.com website clearly shows the Polymath bull logo and states “Coming Soon….” with a link to the Polymath site, so it appears safe to say the domain purchase can now be confirmed.

For a project that is looking to be a platform to issue SEC-compliant security tokens, the purchase of tokens.com seems wholly appropriate, especially since investors new to the crypto market may not be familiar with the name Polymath. Before the Consensus 2018 event, it was also announced that Polymath is looking to purchase a real stock exchange. It is in advanced talks with the Barbados Stock Exchange and tZero, the alternative trading system. Trevor Koverko, CEO of Polymath, has stated that he hopes to have the deals wrapped up by early June 2018.

Polymath is hoping to eliminate the middleman and allow investors to trade securities 24/7 by bringing blockchain technology to the market. Polymath has developed the ST20 security token for use in their ecosystem. The ST20-compliant tokens will ensure that only accredited investors can purchase them. Accredited investors will have been KYC (know your customer) pre-approved and cleared against AML (anti-money laundering) procedures. As detailed in the Polymath Medium blog, they currently have three module types, offering the following functionality to token issuers

  • TransferManager modules are used to determine whether a token transfer is valid between two parties.
  • PermissionManager modules are used to manage permissions across modules, and the security token.
  • STO (Security Token Offering) modules are used to raise funds, or more generally, mint and burn security tokens.

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