- Mirae Asset Securities collaborates with Polygon Labs to propel securities tokenization and elevate Web3 adoption.
- The partnership is part of a broader initiative that might reshape 10% of the global GDP by 2030.
Revolutionizing Finance: Mirae and Polygon’s Synergic Vision
Mirae Asset Securities, an influential player in South Korea’s financial landscape boasting over $500 billion in assets under management, has unveiled its strategic collaboration with Ethereum’s scaling solution, Polygon Labs. This partnership seeks to transcend traditional financial mechanisms, laying the groundwork for a tokenized securities network and amplifying the footprint of Web3 technologies.
The Road to Tokenization
The realm of tokenization demystifies complex financial jargon: it’s the act of converting tangible assets – think real estate, artwork, or bonds – into digital tokens using blockchain technology. This seamless transformation offers enhanced transparency, security, and ease of transaction.
With Polygon Labs as their technical compass, Mirae’s freshly minted ‘Asset Security Token Working Group’ is gearing up to devise a robust infrastructure. This will enable the issuance, exchange, and distribution of these pioneering tokenized securities. This consortium integrates the expertise of various entities, such as Linger Studio and Coin Plug. It’s worth noting that this endeavor stands distinct from another prominent Korean initiative: the security token consortium ‘Next Finance Initiative (NFI)’, driven by Mirae, Hana Financial, and SK Telecom.
Mirae’s vision aligns with that of numerous global finance titans. Franklin Templeton and Hamilton Lane, wielding a colossal $823.9 billion asset portfolio, have already embarked on their tokenization voyages with Polygon. Even the Monetary Authority of Singapore has dipped its toes into this transformative pool, executing intricate foreign exchange and sovereign bond transactions via Polygon in its ‘Project Guardian’ trial.
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Forecasts by Boston Consulting Group, in conjunction with investment goliath ADDX, are nothing short of meteoric. They predict that by the close of this decade, asset tokenization could surge to a staggering $16.1 trillion. This would constitute a mammoth 10% slice of the entire global GDP.
Polygon Lab’s captain, Sandeep Nailwal, exudes optimism about this collaboration, envisaging it as a linchpin to proliferate Web3 technologies throughout the finance domain. He lauds Mirae for its visionary approach, emphasizing that their tokenization endeavors could galvanize the larger financial community, catalyzing widespread Web3 adoption.
Furthermore, Nailwal underscores a pivotal facet of this partnership: the potential for Mirae’s innovative strides to bridge the gap, ensuring fluid interoperability between South Korea’s indigenous financial mechanisms and global financial systems.
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