Korean Asset Management Giant Mirae Ventures into the Future: Partners with Polygon Labs for a $500 Billion Securities Tokenization Initiative”
Source: Coindesk
Mirae Asset Securities has teamed up with Polygon Labs, a scaling solution for Ethereum to create a tokenized security network and accelerate the adoption of Web3 technology.
Mirae Asset Securities (South Korea’s largest financial institution with more than $500 billion of assets under management) announced today that it was working with the Ethereum-scaling platform Polygon Labs in order to promote tokenization and Web3 technology adoption.
Polygon Labs is a technical advisor in the Mirae Asset Security Token Working Group. The group is creating infrastructure for the issuance, exchange, and distribution of tokenized securities. This was announced in a press release that CoinDesk received.
Next Finance Initiative, a security token consortium led by SK Telecom, Hana Financial, Mirae, and Linger Studio, is a group of companies that includes Linger Studio, Coin Plug, and other companies.
“Polygon Labs, a global leader in blockchain technology development, is innovating across all aspects of Web3. Mirae Asset Securities aims at establishing global leadership in tokenized securities through technical collaboration with Polygon Labs,” Ahn In Sung, head of the digital assets division of Mirae Asset Securities said.
Tokenization is the process of converting real-world assets such as bonds, stocks, fine art, and real estate into digital tokens that can be stored on a blockchain.
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Polygon has already been used by several traditional financial giants. These include Franklin Templeton, Hamilton Lane and other top investment firms with assets of over $823.9 Billion. Project Guardian, the Monetary Authority of Singapore’s experimental tokenization project, has executed foreign exchange and sovereign bond transactions on Polygon in the past year.
According to Boston Consulting Group, and investment firm ADDX asset tokenization is likely to grow by 50 times, to $16.1 trillion in 2030. This represents 10% of global gross domestic products.
Sandeep Nailwal, Executive Chairman of Polygon Lab, expects Mirae to increase the adoption rate of Web3 technologies within the financial industry.
“Mirae stands out as a company that is progressive and forward-looking, striving to keep up with the ever-changing world of digital financial services. Nailwal stated that its foray into the tokenization of Web3 will help accelerate mass adoption among other financial institutions.
“Polygon Labs, a global leader in blockchain technology development, is innovating across all aspects of Web3. Mirae Asset Securities aims at establishing global leadership in tokenized securities through technical collaboration with Polygon Labs,” Ahn In Sung, head of the digital assets division of Mirae Asset Securities said.
See Also: The Best Crypto Arbitrage Trading Strategies You Need in 2023
Tokenization is the process of converting real-world assets such as bonds, stocks, fine art, and real estate into digital tokens that can be stored on a blockchain.
Polygon has already been used by several traditional financial giants. These include Franklin Templeton, Hamilton Lane, and other top investment firms with assets of over $823.9 Billion. Project Guardian, the Monetary Authority of Singapore’s experimental tokenization project, has executed foreign exchange and sovereign bonds transactions on Polygon in the past year.
According to Boston Consulting Group, and investment firm ADDX asset tokenization is likely to grow by 50 times, to $16.1 trillion in 2030. This represents 10% of global gross domestic products.
Sandeep Nailwal, Executive Chairman of Polygon Lab, expects Mirae to increase the adoption rate of Web3 technologies within the financial industry.
“Mirae stands out as a company that is progressive and forward-looking and aims to keep up with the ever-changing world of digital financial services. Nailwal stated that its foray into the tokenization of Web3 will help accelerate mass adoption among other financial institutions.
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