Polymath, a platform for the creation of security tokens, announced today it will be working with Monarch Wallet, a blockchain asset wallet, to provide custody solutions for ST-20 security tokens.
The Monarch Wallet offers fully decentralized cold storage where users exclusively hold their private key for added security benefits, and they currently support over 1,500 cryptocurrencies, including all ERC20 and ERC223 tokens.
With Monarch Wallet, issuers of security tokens on the Polymath platform will be able to safely store the POLY they collect during their fundraising, and investors can safely store the tokens they receive from the issuer.
“Polymath is excited to explore this collaboration with Monarch to increase the adoption of security tokens and lead the next paradigm shift in the security token space. We are aligned with Monarch in our focus on regulatory compliance and the best possible user experience.”
“We at Monarch believe STOs are paving the way for compliant digital assets. Polymath provides a unique regulatory and legal structure for security tokens and Monarch is excited for our joint effort for security tokens to become more prevalent.”
Benefits ST-20 security tokens over their legacy paper share certificate counterparts include: liquidity for private entities, reduced trade fees and settlement time, automation of back-office functions, and enhanced transparency.
Monarch is currently conducting its own STO for a fiat-crypto exchange with a wallet and merchant plugin that offers recurring payments for monthly bills, on a proprietary blockchain with tokens continuously backed by silver.