HomeNewsPolygon Labs Joins Mirae Asset's $500 Billion Tokenization Endeavor

Polygon Labs Joins Mirae Asset’s $500 Billion Tokenization Endeavor

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  • Mirae Asset Securities collaborates with Polygon Labs to tap into the realm of tokenized securities.
  • Asset tokenization is predicted to skyrocket to $16.1 trillion by 2030, making up 10% of global GDP.

South Korea’s leading financial institution, Mirae Asset Securities, which manages assets exceeding $500 billion, has announced its collaboration with Polygon Labs. This partnership is targeted towards promoting the tokenization of assets and increasing the adoption of advanced Web3 technologies in the financial sector. According to a recent report by CoinDesk, this marks a significant move in the realm of digital finance.

Tweet from Polygon Labs,

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Mirae Asset Securities and Polygon Labs are set to jointly explore the practical applications of tokenized securities. Their collective aim is to establish a seamless connection between South Korea’s local financial framework and global financial infrastructures. Moreover, the two will extend technical support to a consortium focused on a securities token platform.

The Bigger Picture: Mirae Asset Security Token Working Group

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Polygon Labs is not just partnering with Mirae; it’s taking on a pivotal role as a technical advisor for The Mirae Asset Security Token Working Group. This group is at the forefront, striving to devise an infrastructure to issue, exchange, and manage tokenized securities. As outlined in the press release shared with CoinDesk, this collaboration also involves notable entities like Linger Studio and Coin Plug.

Mirae’s dedication to this venture is evident, operating separately from other consortiums like the Next Finance Initiative (NFI), a joint venture between Mirae, Hana Financial, and SK Telecom.

Tokenization is the process of converting tangible assets, such as real estate or artwork, into digital tokens on blockchain platforms. Recognizing the potential, financial magnates like Franklin Templeton and Hamilton Lane have already embarked on tokenization ventures with Polygon. Furthermore, Project Guardian, an initiative by the Monetary Authority of Singapore, recently executed foreign exchange and bond transactions on Polygon.

Voices from the Industry

Highlighting the strategic alliance, Ahn In-sung, the chief of the digital assets division at Mirae Asset Securities, expressed,

“Mirae Asset Securities aims to achieve global preeminence in tokenized securities through our technological alliance with Polygon Labs.”

Sandeep Nailwal, Polygon Lab’s Executive Chairman, conveyed his optimism about Mirae’s role in propagating Web3 technologies in the finance sector. He commended Mirae for its visionary approach, emphasizing that its ventures in tokenization would facilitate broader adoption of Web3 technologies across financial institutions. Nailwal further added, “Mirae’s initiatives will significantly enhance the harmony between South Korea’s domestic financial structures and their international analogs.”

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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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