It has certainly been quite a busy month for the Shyft team, as it was announced that the blockchain identity solution provider has completed a strategic alliance with Polymath, a platform for security token creation. Although more information about the venture is still pending, it is certainly a welcome move to accelerate the growth of the global financial ecosystem.
With concrete business developments in the recent past, including tying up with the Barbados Stock Exchange along with working with tZero, this new announcement further solidifies Polymath’s vision and focus. The two companies recently signed a letter of understanding which will permit Polymath to become an active ecosystem participant. It will be part of the much larger Shyft network where Polymath will act as a primary data provider. It also has been indicated that Polymath will act both as a dApp developer as well as a trust anchor.
Polymath is a decentralized platform specifically designed for catering to dApp developers for security token creation. Polymath has its own St-20 Standard, which embeds regulatory requirements directly into the token, allowing them to restrict trading to only authorized participants on the network. With the ultimate aim of bringing the multi-trillion dollar financial securities market into the blockchain, Polymath hopes to simplify the complex technical challenges associated with security token creation.
The partnership with Shyft isn’t the only thing that Polymath has been working on, with them having secured a string of partnerships and alliances in the past year. Among the highlights include Polymath’s partnership with Pegasus Fintech, as well as being involved in a Healthcare security token project with the OpenFinance network. The Polymath network strongly believes that this latest partnership is the key towards maintaining a highly regulated space for financial securities, as indicated by CEO and co-founder Trevor Koverko below
“Polymath operates in the highly regulated space of financial securities,” said Trevor Koverko, CEO, and co-founder of Polymath. “One of the integral pieces of securities regulation revolves around identity and ensuring that only authorized participants are holding certain securities. Shyft provides an elegant and intelligent approach to the problem of identity and we are thrilled to work together.”
Shyft the Landscape
Shyft was created as a global blockchain-based network to facilitate secure sharing of attested and compliant data, formed as a result of a merger between BlockUnity, an asset-based crypto-technology company with Paycase, a firm specializing in decentralized financial services. It quickly emerged as a multilayered blockchain network for regulatory-compliance-satisfying data, capable of working with a number of diverse types of data including credible consumer profiles, reputation levels, regulatory due diligence and other credit-related information.
Shyft has been busy in securing partnerships of its own, almost mirroring the efforts by the polymath Network. Among the major news events surrounding Shyft, includes Shyft joining hands with Trunomi for creating a global e-ID framework, as well as securing a partnership with BlockChain Soto recently. Joseph Weinberg, Chairman of Shyft commented, “Building the platform that tokenizes securities is a vast and pivotal vision, making the addition of Polymath’s technology and data to our network a key partnership. This partnership builds upon our common vision to improve access to capital and build a more financially inclusive future for everyone.”
Polymath is one of the few companies with a concrete vision going into the token issuing space, an exponentially growing sector in the modern crypto market. Below are some of the sectors where the Polymath and Shyft partnership can help improve.
- The Polymath network’s addition into the Shyft ecosystem, will allow it to work in tandem with government departments, exchanges as well as any other use-case involving KYC/AML compliance-focused organizations. This will help create new strategies for attesting the data, replacing traditional collection strategies to enable multi-stakeholder data sharing.
- The partnership is the first step towards challenging the traditional vetting schemes like credit scores which often provide insurmountable barriers to accomplish global financial services at the moment. With an existing 3.5 billion global citizens still considered as unbanked or under-banked, this new credibility can serve as a more efficient and foolproof alternative to the existing systems, achieving a balance between User Data privacy, financial institution risk tolerance as well as the need for providing a universal access for financial services.
The fruition of this partnership will provide the basis for building a financially inclusive future in the near future for everyone. More information about this partnership can be found on Shyft’s Medium page.