- Polygon is taking center stage in tokenization.
- South Korea’s Mirae Asset Securities has tipped the network in its tokenization push.
- Polygon’s Sandeep Nailwal believes the partnership will bolster Web3 adoption in the financial industry.
Interest in tokenization shows no signs of slowing down as central banks and asset managers worldwide pile in. Polygon has emerged as a favorite amid the sustained interest in the projected high-growth DeFi use case.
In the latest instance, the network, which already hosts funds from Hamilton Lane and Franklin Templeton and boasts partnerships with the Monetary Authority of Singapore (MAS) and the Bank of Italy, has now teamed up with South Korea’s largest investment bank and stock brokerage.
Mirae Tips Polygon in Tokenization Push
In a tweet on Friday, September 8, Polygon Labs revealed that Mirae Asset Securities, South Korea’s largest investment bank and stock brokerage with $500 billion in assets under management, was joining the Polygon ecosystem as part of a securities tokenization project.
As part of the partnership, Polygon Labs is expected to participate in joint research and provide technical support for infrastructure to exchange and distribute tokenized securities within financial systems in South Korea and abroad. Per a press release, others included in The Mirae Asset Security Token Working Group are Coin Plug and Linger Studio.
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Polygon Labs Executive Chairman Sandeep Nailwal has tipped Mirae’s tokenization push to bolster broader Web3 adoption within the financial industry.
"Its [Mirae's] foray into tokenization will undoubtedly help accelerate the mass adoption of Web3 among other financial institutions. At the same time, Mirae's initiatives will also greatly contribute to establishing interoperability between South Korea's domestic financial systems and their foreign counterparts," Nailwal asserted.
On the Flipside
- The project is still in its early stages, with no clear timeline for the conclusion of research and deployment.
- The Avalanche Foundation recently launched a $50 million fund to invest in tokenized assets.
Why This Matters
Tokenization promises to bring trillions of dollars in tangible asset markets like stocks, real estate, and commodities into DeFi while also boosting the liquidity of these markets. Mirae’s foray into tokenization underscores the growing interest in the nascent DeFi use case and Polygon’s growing dominance in the space.
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Read this to learn more about how Polygon is driving institutional DeFi adoption:
Here’s How Polygon Is Driving Institutional Adoption of DeFi
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