Hardly any one can argue that blockchain technologies are the driving force of our generation, that once being applied can forever change the facets of any environment. The growing number of successfully conducted trials and recently implemented patterns of the disruptive technology makes headlines daily strengthening confidence in an upcoming blockchain revolution.
Financial market was amidst the first industries and sectors which pioneered to give the blockchain a shot. Since, among other things, modern financial market suffers from slow and cumbersome settlement process that needs to be updated, a vast majority of other vital issues characteristic to this particular field triggered action.
Such issues, to be addressed through the blockchain, include the elimination of multiple intermediaries as well as redundant data sets that require manual reconciliation day in and out to complete a single transaction. Hence, the core strengths of blockchain such as shared ledger, immutability and security, bring the promise of reduced transaction costs and streamlined processes to the industry, which benefits both financial institutions and individual investors alike.
This describes the work of OpenFinance Network (OFN), which takes advantages from all the above-mentioned beauties of blockchain. In essence, the core benefits the trading platform offers are embedded into a framework that, by the means of distributed ledger technology, transforms and brings interoperability to the trading, clearing & settlement process in the industry. Moreover, this interoperability applied between “traditional” alternative assets and the emerging “crypto” alternative asset class creates a mechanism of tokenized trading to bridge the gap between off-chain and on-chain capital markets.
Being built by securities lawyers and trading veterans, today the OFN trading platform is working together with leading banks, brokerage houses, custodians and transfer agents serving the alternative markets. Notably, OFN supports both US and international investors across various securities offerings types, including Regulation D and Regulation S, Regulation A+ and Regulation CF.
So, OpenFinance Network has entered into agreement with an automated and scalable platform Polymath, with the announced partnership enabling the latter to list its security tokens on OFN’s offerings.
OFN founder and CEO, Juan Hernandez commented on the deal saying:
“We share Polymath’s strong focus on security and compliance and we’re excited to work with Polymath on their mission to provide more flexibility on the issuance of security tokens. We share Polymath’s strong focus on security and compliance.”
Meanwhile, Polymath Co-Founder and CEO, Trevor Koverko marked his excitement regarding the recent collaboration stating the following:
“OpenFinance Network is quickly becoming the leader in the fully compliant trading of private tokenized securities. Polymath is thrilled to work with OFN to provide Polymath-powered security tokens with more pathways to secondary market liquidity.”
Polymath Network (Polymath), known for its efforts to simplify the complex technical challenges of creating a security token, is a decentralized platform that helps investors to raise capital easily. The Polymath ST-20 standard embeds regulatory requirements into the tokens themselves, restricting trading to verified participants only. The platform utilizes the blockchain to guide investors throughout the bulky process of a security token creation and thus aims to bring the multi-trillion dollar financial securities market to the blockchain technology.