Polymath has just announced the inclusion of Sumsub into their ‘service provider marketplace’.
Sumsub is able to offer compliance based solutions for issuers of digital securities. Their inclusion into the marketplace means that token issuers which utilize the Polymath platform will gain access to the services of Sumsub.
Those who choose to utilize Sumsub services, will benefit from their solutions built around KYC and AML measures. This important step in the issuance process ensures that only qualified investors gain access to the right offerings.
The creation of marketplaces within digital securities is a growing trend. These marketplaces are groupings of like-minded companies, which offer complimentary services. This means that when an issuer utilizes the Polymath Service Provider Marketplace, they gain access to each of the services they will need along their path, through the other parties which take part in the program.
Another such ‘service provider marketplace’, is the growing Kore Partner Ecosystem. This grouping of companies functions in much the same way. Each of the participants offers a specialized service, with the group as a whole providing a comprehensive solution.
It is all about who you know.
In making their announcement, representatives from each, Polymath and Sumsub, took the time to comment. The following is what each had to say on the matter.
Graeme Moore, Head of Tokenization at Polymath, stated,
“Ongoing compliance across multiple jurisdictions is vital for security tokens…With professional legal expertise and bank-grade procedures, we are proud to be collaborating with a company on the front lines of this effort like Sumsub.”
Jakob Sever, Co-founder at Sumsub, stated,
“We are thrilled by the security tokenization market and see great potential in the industry. Polymath is the leading player on the market and we are very pleased to see how our accumulated expertise, experience and technology will assist in the development of such a project and the wider security token sector.”
Polymath is a Toronto based company, which was founded in 2017. Above all, Polymath acts as a platform facilitating the issuance of security tokens. This is made possible through the ST-20 protocol, among others. Polymath also makes use of their own ERC-20 based utility token (POLY), which acts as ‘fuel’ on their issuance platform.
Company operations are overseen by CEO, Kevin North.
Sum&Substance is a London, U.K, based company, which was founded in 2015. Since the time of their launch, they have gone on to develop various solutions surrounding regulatory compliance. This includes platforms specifically for use during STO investor onboarding.
Company operations are overseen by Founder and CEO, Andrey Severyukhin.
In Other News
While the industry is young, Polymath represents one of the more seasoned companies within digital securities. With this being the case, we have covered a variety of their developments over the past year. Here are a few articles demonstrating some of the moves that they have made during this time.