Quick take:
- Mirae Asset Securities has teamed up with Polygon Labs to launch The Mirae Asset Security Token Working Group.
- The new network will develop an infrastructure to issue, exchange, and distribute tokenized securities.
- The group includes other companies including Linger Studio and Coin Plug but will operate separately from the Mirae, Hana Financial and SK Telecom’s security token consortium.
Mirae Asset Securities has announced a partnership with Polygon Labs to develop an infrastructure that will issue, exchange, and distribute tokenized securities. Dubbed The Mirae Asset Security Token Working Group, it will operate separately from Mirae, Hana Financial and SK Telecom’s security token consortium, the company said in a press release shared with CoinDesk.
According to the announcement, Mirae Asset Securities, the wholly owned subsidiary of Mirae Asset Financial Group also wants to use the network to advance the adoption of Web3 technologies.
Polygon Labs will provide technical assistance during the development of the network, the company said. Mirae has also collaborated with other companies including Linger Studio and Coin Plug to form the group.
Commenting on the partnership with Polygon, Ahn In-sung, head of the digital assets division at Mirae Asset Securities said: “Polygon Labs is a leading global blockchain technology development company that is innovating throughout all aspects of Web3. Through technical collaboration with Polygon Labs, Mirae Asset Securities aims to establish global leadership in the field of tokenized securities.”
Polygon Labs is the organisation behind the layer-2 Ethereum scaling solution Polygon, which increases the efficiency of transactions on the Ethereum network.
Mirae is targeting to tokenise a wide variety of assets for the new network. Among real-world assets eyed for tokenisation include real estate, bonds, fine art, and equities.
Mirae Asset Securities joins a growing list of global asset managers that have leveraged Polygon to offer tokenised securities. Franklin Templeton and Hamilton Lane have already initiated their tokenised projects on Polygon, while JPMorgan teamed up with Polygon to facilitate the trading of tokenized Japanese yen for the Monetary Authority of Singapore’s Project Guardian.
Sandeep Nailwal, the executive chairman of Polygon Labs thinks the partnership with mainstream financial services companies like Mirae will accelerate the adoption of Web3 in the finance industry.
“Mirae is a great example of a progressive, forward-looking company that aims to stay up to date with the constantly evolving world of digital finance. Its foray into tokenization will undoubtedly help accelerate the mass adoption of Web3 among other financial institutions,” Nailwal said.
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