Polymath (POLY), an altcoin built on Ethereum (ETH), is currently defying the correction in the broader crypto markets, surging about 55% this week. POLY rallied from a weekly low of $0.176 to a high of $0.272 to dramatically outpace the crypto markets at large. However, it has given up some of its gains after posting its seven-day high yesterday and is trading at $0.231 at the time of writing, down nearly 11% in the last 24 hours.
Polymath aims to provide clients with technology to create, issue, and manage unique security tokens on their blockchain. POLY tokens fuel Polymath blockchain transactions and are used to pay for token creation, compliance checks, and network maintenance.
A recent development with Polymath is that it has become a member of the Canadian Association of Alternative Strategies & Assets (CAASA), an organization that bills itself as Canada’s largest association representing the alternative investment industry. The organization has about 400 members, including projects in the crypto space.
Moreover, POLY has witnessed surging trading volume recently, with CoinGecko reporting that the altcoin registered more than $14.1 million in volume on Friday, a 26.2% increase from Thursday.
Even with today’s correction, Polymath remains up more than 50% since the start of the year. Despite its gains this week and throughout 2023, the POLY token is more than 85% down from its all-time high of $1.59, which it hit back in February 2018.
Polymath’s ambitious project of creating a platform to issue and manage security tokens on their blockchain has generated quite a bit of interest in the crypto industry. Despite facing strong competition from other blockchain platforms and protocols, Polymath’s focus on security tokens and compliance has helped distinguish itself as a serious contender.
Polymath is not the only project that is focused on security tokens, but it is one of the few that has carved out a significant niche in this market. Unlike ICOs, security token offerings (STOs) are subject to more stringent regulation, which offers a greater degree of security for investors.
Polymath offers end-to-end solutions for STOs, from onboarding investors and completing KYC/AML checks to creating and distributing security tokens. The platform offers pre and post-issuance compliance checks that help ensure the security tokens adhere to all relevant regulations.
One of the major benefits of security tokens is that they can provide liquidity to traditionally illiquid assets, such as real estate, fine art, and private equity. With the emergence of Polymath and other blockchain platforms devoted to security tokens, it is becoming increasingly clear that these types of assets can now be tokenized and traded on blockchain platforms.
With their innovative approach to security tokens and compliance, Polymath has emerged as a leader in this rapidly expanding market. While Polymath is not without its challenges, such as navigating complex regulation and competing against other blockchain platforms, its approach to security tokens has earned it a place at the forefront of the crypto industry.
