Shyft, a blockchain-based network that facilitates secure sharing of attested and compliant data has announced the signing of a Letter of Understanding with Polymath, a security token creation platform. As part of the future partnership, Polymath will become an active ecosystem participant and data provider for the Shyft Network, acting as both a Trust Anchor and decentralized application (dApp) developer on the network.
The Shyft Network is building a new more secure framework to tackle regulation and compliance requirements around KYC/AML and user identity, operating on the concept of “Creditability,” which offers comprehensive insight into individual credibility, without disclosing or compromising individual identity.
“We’re pleased to announce this partnership with Polymath, which further builds on Shyft’s goal of revolutionizing our global economy through facilitating the secure sharing of trusted and compliant data. Building the platform that tokenizes securities is a vast and pivotal vision, making the addition of Polymath’s technology and data to our network a key partnership. This partnership builds upon our common vision to improve access to capital and build a more financially inclusive future for everyone.”
While traditional vetting schemes such as credit scores often provide insurmountable barriers to global financial services for the 3.5 billion global citizens who are considered “unbanked” or “underbanked,” Creditability can serve as a superior alternative that provides a balance between financial institution risk tolerance, privacy of user data, and the need for universal financial services access.
As part of this mission, Shyft is working with third-party Trust Anchors like Polymath, as well as governments, exchanges, and other KYC/AML compliance-focused organizations that are using traditional collection strategies to attest the data, to enable multi-stakeholder data sharing on Shyft network. Through participation in the Shyft ecosystem, Shyft is building a more financially-inclusive and efficient future for everyone.
“Polymath operates in the highly regulated space of financial securities. One of the integral pieces of securities regulation revolves around identity and ensuring that only authorized participants are holding certain securities. Shyft provides an elegant and intelligent approach to the problem of identity and we are thrilled to work together.”
Polymath and its unique Security Token Standard ST-20, enable securities issuers to quickly and easily create blockchain-based financial securities like equities and LP shares. The Polymath platform makes it simple to navigate the complex technical and regulatory requirements of a successful security token sale.