Polymath Partnerships Boost Security Token Space!
Polymath conducted a strategic investment in digital financial services firm Finova Financial and partnered with Blocktrade.com, a security token trading provider.
Polymath, a blockchain firm that helps companies issue security tokens, announced on Tuesday a strategic investment in Finova Financial, an Internet financial services company. Besides Polymath, several other leading investors, including Jeremy Gardner from Ausum Ventures, took part in Finova’s private sale. According to the deal between Polymath and Finova, the latter will use the Polymath Platform and the ST-20 token standard for its Security Token Offering (STO), a form of fundraising that resembles both initial coin offerings (ICOs) and initial public offerings (IPOs).
Comments from Company Leaders
Polymath CEO Trevor Koverko commented:
“Finova Financial is a growth stage, venture-backed company with deployed products, millions in revenue, and rapid growth. With Finova, we are seeing a more mature, venture-backed company using the benefits of tokenization instead of a company at the seed or early startup phase.”
Finova CEO Gregory Keough stated:
“We’re very excited to be working with the Polymath team and using the ST-20 protocol to show how growth stage companies can forge a new alternative pathway for raising capital and future liquidity on a licensed ATS exchange through the creation of security tokens.”
On Thursday, Polymath partnered with Blocktrade.com, a trading firm focused on security tokens, cryptocurrencies, crypto traded indices, and other digital assets. According to the agreement, Blocktrade.com will refer potential clients to Polymath, and the two companies will jointly develop innovative technologies to increase adoption in the security token space.
Following the announcements, Polymath’s token, POLY, gained about 12% from Tuesday to the daily peak on Thursday. Currently, the coin is trading at $0.15 according to Coinmarketcap data, up 6.12% for the day as at 14:00 UTC.
At the end of July, we reported that Binance listed POLY as the Next Community Coin of the month.