Polygon Labs to provide technical guidance to Mirae Asset Security Token Working Group for tokenized securities network.
Mirae Asset Securities, the largest investment banking and stock brokerage company by market capitalization in South Korea, is partnering with Polygon Labs, a blockchain development firm, to create a tokenized securities network. This alliance aims to accelerate the adoption of Web3 technologies and establish global leadership in tokenized securities.
Polygon will provide technical guidance to the Mirae Asset Security Token Working Group, which includes companies like Linger Studio and Coin Plug. The group operates separately from Mirae, Hana Financial and Next Finance Initiative (NFI).
Tokenization turns real-world assets like real estate, bonds and equities into digital tokens on a blockchain. Major finance players like Franklin Templeton and Hamilton Lane have already started tokenization projects with Polygon. Last year, the Monetary Authority of Singapore's experimental tokenization initiative, Project Guardian, executed foreign exchange and sovereign transactions deals on Polygon too.
According to a report by Boston Consulting Group (BCG), asset tokenization could grow 50 times to $16.1 trillion by 2030. This accounts for 10% of projected global GDP. Despite the crypto winter, capital is flowing into viable blockchain use cases like tokenization.
Tokenization creates liquidity by making it easier for the assets to be distributed and traded among investors.
Source: Boston Consulting Group (BCG)
Mirae Asset Securities' Polygon alliance signals a big step toward advancing tokenization and Web3 adoption in finance. The infrastructure to issue, exchange, and distribute security tokens could drive growth in this area and attract more institutions. The positive market reaction to the news shows confidence in the partnership's potential to lead tokenized securities globally.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
