Polymath

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Polymath
Polymath logo.jpg
Founded 2017
Headquarters Haggatt Hall, St. Michael, Barbados
Key People Trevor Koverko, Chris Housser
Employees 15-20
Products Polymath Securities Token Platform, POLY token
Twitter @polymathnetwork
LinkedIn Profile
Facebook polymathnetwork
Website Homepage
Blog Polymath Blog

Polymath (POLY) is a security token platform that seeks to provide the means for companies to raise money using blockchain-based, legally compliant security token offerings (STOs).[1]

Background

Polymath was founded in 2017 by Trevor Koverko and Chris Housser.[2] Their STO was registered with the SEC, and claimed Federal exemption Rule 506(b). It raised $59 million.[3][4]

Overview

The creators of Polymath seek to create a financial system in which "token holders" replace shareholders. To do this, Polymath's creators built a platform that allows users to tokenize private equity, limited partner shares, stocks, bonds, vc capital, and other financial instruments. This enables them to benefit from the liquidity, security, and transparency of a blockchain network.[5]

Polymath allows users to easily create blockchain-based ICOs that are legally compliant with the SEC, CFTC, or other legal bodies, depending on the type of business users are trying to create and where it will operate. While the Polymath Network itself doesn't offer legal advisory services, it helps users choose legal advisory services specializing in ICOs as part of launching their security token offering.[6]

Polymath uses its native token, POLY, to regulate payments between users on their platform.[7][8]

Security Token Offerings (STOs)

Polymath helps users create security tokens, which can be used to raise money through security token offerings (STOs), which are similar to ICOs.[9] The creators of Polymath believe that STOs will become the dominant form of ICOs in the future.[10]

Decentralized exchanges and ST-20 security tokens

Polymath announced in February 2019 that it had, in collaboration with blockchain platform Loopring, successfully completed a test of peer-to-peer security token trading on a decentralized (DEX) exchange. Polymath told Coindesk that the tests, which relied on smart contracts created for Loopring's "DEX" protocol, showed that only authorized transactions made on the platform were successful. The tests were conducted with a cryptocurrency called "wrapped ETH" with another digital token called Cammazol, an "ST-20" token developed by Polymath built on extensions to Ethereum's ERC-20 tokens. Polymath's vice president of marketing, Graeme Moore, said that these tests demonstrated that "decentralized exchanges and security token issuers have the ability to maintain compliance through the standardized protocols that Polymath and others have built. And, in fact, security tokens make it easier for issuers to follow regulations, when compared with the legacy capital markets system using paper share certificates."

John Lothian News

Polymath was highlighted in a recap of Consensus 2018 by contributing editor Chuck Mackie. You can read the article here.

References