Wednesday, June 19, 2024
HomeAltcoinsPolymesh to back Security Token projects by proposing $25M in Developer Grants

Polymesh to back Security Token projects by proposing $25M in Developer Grants

Polymesh, a blockchain designed exclusively for regulated tokenized securities, has announced a developer grant programme backed by 50 million POLYX tokens, which are valued roughly $25 million today.

Graeme Moore, Polymesh’s CEO, said the platform’s GitHub would have a list of calls for proposals, but developers can also submit their own. The Polymesh award programme will help developers build a tokenized exchange, a cross-chain settlement engine, wallet integrations, and a finance-focused block explorer, among other things.

When it comes to attracting a developer ecosystem to a new blockchain platform, it’s a chicken-and-egg situation. For layer 1, or base, blockchains like Avalanche, which announced a $180 million programme last summer, offering grants and incentive programmes has proven to be a successful tactic.

Banks and other financial institutions, whose interest in tokenized security was aroused in 2017, are finally seeing hardened technology emerge with proper regulatory safeguards in place. According to Moore, Polymesh is designed to facilitate the trading of nearly any type of physical or digital asset classified as a security. Everything from ordinary equities to racehorses, artwork, and commercial real estate might be included.

Kunal Krishan
Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.


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