Connect with us

Security Token News

Polymath Scraps Two Projects, Honing in on Vision for Digital Securities

mm

Published

 on

Polymath Scraps Two Projects, Honing in on Vision for Digital Securities

Polymath Coming into Focus

Under the watch of CEO, Kevin North, Polymath has seen 4 product initiatives scrapped within the past year. The latest two were recently announced, as the company attempts to focus their efforts on the development of their ‘Service Provider Marketplace’, and their ‘PolyMesh’ network.

There are generally only a few paths that companies have followed within the digital securities sector.

  1. Build and offer a comprehensive suite of services tailored towards investors and SMEs
  2. Develop a specialized service, and join forces with like-minded companies, offering complimentary services
  3. Create a marketplace which acts as a home for those companies resorting to the 2nd option

Through their service provider marketplace, Polymath has gained traction within the industry as the 3rd option. They offer a white-label tokenization service, which provides the necessary platform for an STO to be completed by an SME, while giving access to various companies and their niche services.

Lay-Offs

This particular culling of initiatives resulted in Polymath dismissing 10 employees. While this may sound like a negative, it is clear that Polymath has a clear vision, and is working to bring that into focus. With the digital securities sector being a nascent one, inefficient spending and misplaced efforts can wreak havoc on company development.

Through difficult decisions, such as this, Polymath will hopefully find itself on a more direct path to a productive future – benefitting, not only themselves, but all industry participants.

PolyMesh

The aforementioned actions were taken in large part due to the promise in the under-development, PolyMesh network. This is a blockchain based network, which the company intends to function as the first to be tailor built for digital securities.

While it serves the industry well, Ethereum is not built for a specific purpose. With the digital securities sector requiring unique structuring of tokens to ensure regulatory compliance, they believe that a purpose built network is the answer to greater industry adoption.

Upon announcing PolyMesh, in May, three main points were made, explaining why the move was an important one.

  1. A ‘robust and transparent set of financial primitives’
  2. A system to allow for not only growth, but separation between identity, asset ownership, and compliance.
  3. Incentive for participation

Polymath Announces ‘PolyMesh’ – A Purpose Built Blockchain for Digital Securities

Commentary

In making their announcement, multiple representative from Polymath took the time to comment. The following is what each had to say on the matter.

Thomas Borrel, CPO of Polymath, stated,

“We are excited to continue our efforts partnering with top-quality firms bringing real value to the world of security tokens…The Polymath Token Studio has allowed multiple companies to benefit from the automation and efficiencies of security tokens, and we look forward to the new experience and capabilities that Polymesh, the blockchain purpose-built for security tokens, will bring to market.”

Kevin North, CEO of Polymath, stated,

“We will not hedge…We discontinued 2 major initiatives when I joined the company last fall, and we are now dropping 2 more products that were in the planning stages at Polymath. The company is healthy, and we want to remain focused — Polymath’s vision is to become the technology leader that helps bring securities to the blockchain. We are doing this by providing a white-labeled tokenization platform and a security-purposed blockchain where all security tokens can reside.”

Polymath

Polymath is a Toronto based company, which was founded in 2017. This young company has managed to establish themselves as a leader within the developing digital securities sector. They were able to do so through their various token standards, and tokenization platform – leading to over 120 security tokens being distributed to date.

Company operations are currently overseen by CEO, Kevin North.

In Other News

Since the announcement of their ‘Polymesh’ network, Polymath has continued to make waves. In the process, they have found themselves in our headlines with regularity. Here are a few articles detailing recent events involving Polymath, and likeminded companies.

Polymath Clients to Benefit from CrowdEngine Services

Sum&Substance Introduced to Polymath ‘Service Provider Marketplace’

Blockpass to Offer Onboarding Services to Polymath Clients

Spread the love

Joshua Stoner is a multi-faceted working professional. He has a great interest in the revolutionary 'blockchain' technology. In addition to this, he is a licenced Paramedic in Nova Scotia, Canada. As such, he can provide emergency care/medicine to any situation necessitating it.

Security Token News

Vertalo Integrates Insurance Software ‘TigerMark’ by Assurely

mm

Published

on

tigermark

Product Integration

Today, digital securities specialists, Vertalo, and Insurance specialists, Assurely, have announced the formation of a strategic partnership.  This alliance will see Vertalo integrate software, known as TigerMark, into their platform.

The integration will provide Vertalo clients with increased security, as they will now have the option to insure DSOs taking place on the platform.

TigerMark

This product, formerly known as ‘CrowdProtector’, functions with two primary goals aimed toward the tokenization process.

  • Protect Token Issuers
    • Regardless of how well thought out, and structured, a DSO may be, there always remains the potential for an investor to become disillusioned with a company. TigerMark protects token issuers from potential lawsuits brought forth by said investors.
  • Protect Token Investors
    • One of the main draws towards DSO/STOs, is the oversight and necessary compliance with regulations. TigerMark works to protect investors, by ensuring that token issuers remain in line, and transparent with their regulatory obligations.

Commentary

The CEO of each Vertalo, and Assurely, took the time upon announcing their partnership, to comment on the development. The following is what each had to say on how the sector will benefit from this move.

Dave Hendricks, CEO of Vertalo, stated,

“Mainstream adoption of digital assets has been hindered by complicated token issuances and wallets designed for experts, leaving many waiting on the sidelines for a better user experience. Because of usability challenges and sub-par offerings, most investors haven’t had the confidence to invest in new digital offerings, despite their promised gains and liquidity. Through Vertalo’s partnership and integration with Assurely, both issuers and investors can now have more confidence that their investments in these new digital instruments are backed by the power of insurance, protected against simple administrative errors or unfortunate malfeasance.”

David Carpentier, CEO of Assurely, stated,

“Partnering with Vertalo is a significant step the digital assets industry and for Assurely Integrating our products and process with Vertalo allows us to continue to increase the trust, confidence, and safety of investing in digital assets.  We are able to deploy an instantaneous, automated, and application-free insurance purchasing process that customizes risk products to what is needed, when it is needed.  It is a powerful partnership and we are thrilled to contribute to Vertalo’s mission of advancing this industry for the benefit of all stakeholders involved.”

Speaking with Dave

We were recently fortunate to have completed an exclusive interview with Vertalo CEO, Dave Hendricks. In this discussion, Dave touches on various aspects of Vertalo and their suite of services. Check out the interview below to learn more about the company and their offerings.

Interview Series – Dave Hendricks, CEO of Vertalo

Vertalo

Founded in 2017, Vertalo is a Texas based company. While this young company began their journey into digital securities as ‘cap-table’ specialists, their purview has continued to grow through software development, and the forging of various strategic partnerships.

CEO, Dave Hendricks, currently oversees company operations.

Assurely

Founded in 2016, Assurely maintains headquarters in New York. In the time since their formation, the company has strived to provide products which merge traditional insurance options with blockchain technologies.

CEO, David Carpentier, currently oversees company operations.

In Other News

For those looking to learn a bit more about TigerMark, make sure to check out this following article. TigerMark was originally released under the name ‘CrowdProtector’. While the name has changed, the mission has not, and as seen here today, adoption is beginning to occur.

Assurely Presents the ‘CrowdProtector’

Spread the love
Continue Reading

Security Token News

Overstock to End Stock Lockup Early – OSTKO

mm

Published

on

Overstock wants to End Series A-1 Stock Lockup Early - OSTKO

This week, Overstock.com announced revisions to its Series A-1 Preferred Stock (OSTKO). The firm wants to drop trading restrictions and allow investors to trade OSTKO shares immediately. This pioneering strategy provides liquidity to investors in a manner that wasn’t possible before the advent of blockchain tech.

Eliminate Rule 144 – OSTKO

All traditional shares require a six-month lockup period to be compliant with SEC Rule 144. During this period a series of processes occur to finalize the purchase. Overstock automated these procedures via smart contracts. Now the company seeks SEC approval to eliminate the need to adhere to Rule 144 in this instance.

The Original OSTKO Launch Date

The original record date for the OSTKO launch was September 23, but company executives postponed the date to push their new strategy. Now, Overstock plans to announce the new record date sometime in the next two months.

OSTKO

The new tokenized shares will be slightly different than their traditional counterparts. For example, Overstock’s board approved a conversion rate of one digital series A-1 preferred stock to ten shares in common stocks. Interestingly, the company chose to make the new stock only available via the Dinosaur Financial Group brokerage platform.

The Dinosaur Financial Group is also a partner with tZERO, Overstock’s blockchain subsidiary.  In both instances, the Dinosaur Financial Group functions as the broker-dealer. Basically, the firm provides brokerage accounts for investors seeking to trade these digital assets.

Dinosaur Finacial Group via Homepage - OSTKO

Dinosaur Finacial Group via Homepage – OSTKO

Discussing the partnership at that time, Dinosaur’s Managing Director of Equity, Elliot Grossman described his company’s pride in being a pioneer in the industry. He said that the technology has the potential to create “disruptive changes for issuance, trading, and settlement in capital markets.” Today, Grossman is the CEO of tZERO.

Interests Rising

Speaking on the OSTKO shares, Overstock’s Interim CEO, Jonathon Johnson discussed the interest seen from broker-dealers, regulators, and shareholders. He called the technology groundbreaking before touting integrated compliance and investor protections.

Most importantly, Johnson explained that blockchain technology improves the overall investor experience. He also described the tech as having an “enormous potential to transform society for the better.”

Slow Short Selling

It was Overstock’s ex-CEO, Patrick Byrne who first thought up the idea of tokenizing shares. Ironically, the strategy originated as a way to stop ramped short selling of their stock. Byrne claims a well-organized group of fraudsters targeted Overstock for the last year via these short sales attacks.

The short sellers seemed to only work with dollars so the plan to tokenize worked great.  That was until early this week when Morgan Stanly and JPMorgan started accepting fiat payments for the tokenized stock.  The news caused an investor frenzy that sent Overstock shares down 40% from a recent 52-week high.

Overstock is Full Blockchain

It’s interesting to see how Overstock uses its blockchain know-how to navigate the market-scape. In this case, the use of blockchain to stop short sales attacks resulted in the development of a better investor experience. You can expect to see more from these innovative developers in the coming weeks as OSTKO goes live.

Spread the love
Continue Reading

Security Token News

AssetBlock Tokenizes $60 Million Real Estate Fund

mm

Published

on

AssetBlock Tokenizes $60 Million Real Estate Fund

This week has seen some dramatic events take place in the blockchain real estate sector. Notably, AssetBlock announced the tokenization of $60 million in real estate funds. The news demonstrates the further expansion of blockchain technology into the traditional real estate market, and AssetBlock’s desire to become a major player in the sector.

News first broke of the tokenization on September 17 via a BusinessWire press release. In the post, AssetBlock sheds some light on the strategies in place and how the company plans to disrupt the traditional markets.

AssetBlock Utilizes Algorand Blockchain

Uniquely, AssetBlock chose to tokenize the properties on the Proof-of-Stake blockchain – Algorand. The Algorand blockchain brings some interesting benefits to the table including compliance, global reach, and a strong team of experienced experts.

As such, the Algorand blockchain is built to be sustainable and governed by open operating standards. Another important point worth mentioning is that Algorand blocks finalize in seconds. In essence, this strategy makes it possible for investor participation globally and instantly.

Proof-of-Stake

As a Proof-of-Stake blockchain, the energy consumption is far less than a Proof-of-Work (PoW) blockchain such as Bitcoin. Algorand uses a proprietary version of PoS dubbed Pure Proof of Stake (PPoS). This protocol provides full participation while leaving users protected at all times. The system is able to achieve consensus without the need for a central authority making truly decentralized.

AsssetBlock via Homepage

AssetBlock via Homepage

Lodging Capital Partners LCP

To make this advantageous maneuver, AssetBlock enlisted Lodging Capital Partners (LCP). LCP currently holds over $1.5 billion in international real estate. For their part, LCP provided the properties to be tokenized.

In this particular instance, AssetBlock chose to tokenize $60 million in luxury hotel properties. According to company executives, these properties are only available to blockchain investors.

AssetBlock – More Opportunities

Speaking on the decision, AssetBlock CEO, Mike Lidell touched on the importance of merging traditional and non-traditional investors in an efficient manner. He explained that this is the best way to create more opportunities for everyone in the market.

Additionally, Steve Kisielica, the Principal CIO of LCP described how the maneuver creates a new investment pool in the market. He also spoke on the responsibility companies have in terms of embracing new technology that simplifies the market.

Coming Soon

AssetBlock officials are serious about getting these tokens out to investors. The company officially earmarked the token launch for mid-October.

Real Estate is Growing Digital

The company’s decision mirrors that of some of the biggest players in the game in some aspects. Just this week, Securities reported on Harbor tokenizing $100 million in real estate funds for much of the same reason.

AssetBlock

You have to give it to AssetBlock for it’s out of the box thinking. Utilizing a Proof-of-Stake blockchain is a great way to avoid future issues related to energy consumption. You can expect this deal to boost the notoriety of all the firms involved, as well as the possibilities of using PoS blockchains for tokenized real estate.

Spread the love
Continue Reading