As part of the effort to apply the blockchain to the multitrillion-dollar securities market, the Polymath team recently announced that 7Pass would be the first business to use the Polymath platform for developing a private security token.
7Pass is a hybrid investment company that focuses on the emerging global market of legal cannabis. The 7Pass token will be created with the Polymath standard of ST-20. Following this standard ensures that it complies with KYC/AML requirements and securities laws, both before and following its issuance. The goal of this token is to make it possible for global participants with proper accreditation to enter the world of cannabis investments.
Trevor Koverko, the CEO of Polymath, said he was proud of this announcement and Polymath’s support for the first private security token. Koverko noted Polymath had worked hard to maintain a spot at the front of the security token industry, referencing when the project spearheaded the ST-20 standard.
This trend of industry innovation continues with Polymath supporting the very first security token offering (STO). Koverko said the partnership with 7Pass represents an important milestone for Polymath, as it showcases what the platform can do. He feels that this indicates Polymath’s potential for enhancing the securities market’s efficiency, security, accountability, and auditability.
7Pass is equally excited about this development. Francisco Turner, the senior managing partner of the company, had nothing but praise for this partnership. Turner referred to Polymath as a leader for streamlining the process of creating security tokens. He also praised Polymath for its customizable and flexible platform that makes it more accessible to have an STO by reducing the complexity of the process for issuers and entrepreneurs.
Turner said that by working with Polymath, 7Pass can develop its ideal security token that will facilitate the global sector of legal cannabis. As such, this partnership will make it possible for accredited innovators and investors around the world to take advantage of the multimillion-dollar market.
7Pass is a hybrid investment company that aims to partner with and invest in experienced management teams and entrepreneurs. These partnerships and investments work to increase the value for shareholders in legal cannabis markets, something that 7Pass achieves with a range of financing structures. The team at 7Pass has experience in industries like banking, technology, cannabis, private equity, finance, portfolio management, and marketing. Just within the cannabis industry, the team at 7Pass has managed businesses in 2017 that generated a combined annual revenue of $80 million.
Polymath is the first security platform in the industry and a pioneer by creating the ST-20 token standard. This standard simplifies the creation and investment in security tokens. Companies that use Polymath’s platform can follow an intuitive process for forming STOs for compliance and simplicity.