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$28B Malaysian Commodities Trading Firm Picks Polygon Blockchain to Tokenize Its Equity | From ETH to MATIC

Urian B., Tech Times

(Photo : Image from Unsplash Website) $28B Malaysian Commodities Trading Firm Picks Polygon Blockchain to Tokenize Its Equity | From ETH to MATIC

A commodities trading firm based in Malaysia called Energa Group has decided to migrate its own equity-tied EGX security tokens to the Polygon blockchain from Ethereum. Energa Group reportedly has a net asset value of $28 billion.

Energa to Move to Polygon from Ethereum

According to the story by CoinTelegraph, back in 2019, Energa had decided to tokenize 100% of its very own equity. This had helped enable shareholders to digitally exercise their own dividend, voting, and governance rights.

It was stated that the initial tokenization and token migration were both facilitated by Tokeny, reportedly, has asset tokenization and compliance infrastructure provider. The managing director and CEO at Enegra, Matthew Avery, gave a statement.

Why Did Energa Tokenzie Their Equity?

According to Avery, they tokenized their equity in order to help improve liquidity. Currently, the technology is currently available for faster, cheaper, and also compliant transactions made on the blockchain.

It was stated that they wanted their investors to take advantage of the technology. Avery stated that both Polygon and Tokeny provided the whole infrastructure that they needed to do so. It was noted that they are extremely happy with the results.

Polygon Gives Statement Regarding Tokenization

The co-founder at Polygon, Sandeep Nailwal, also gave a comment. It was noted that the tokenization of real-world assets, as well as financial securities, is now probably the next big wave when it comes to DeFi. Naiwal noted that they are excited to see their partner Tokeny bring up qualitative and compliant assets to the whole Polygon network.

Naiwal noted that by leveraging their infrastructure and the right software provider like Tokeny, businesses will quickly deploy or even convert their assets to Polygon. CEO at Tokeny Solutions, Luc Falempin, also gave a statement.

Polygon Processes 3 Million Transactions a Day

According to Falempin, issuers of tokens will not need to worry anymore about them being blocked on the blockchain forever. It was stated that without losing any history, they now have the tools and processes to use for smooth migrations from one network towards another.

Polygon is said to be a protocol that is designed for both scaling and developing infrastructures directly on the Ethereum blockchain. As seen on PolygonScan, the network is capable of processing over 3 million transactions every day.

Read Also: New York Mayor-Elect Eric Adams Wants to Get First 3 Paychecks in Crypto | NY to Be ‘Center of the Crypto Industry’

105 Million Unique Wallet Addresses on Polygon

Polygon reportedly has approximately 105 million unique wallet addresses. It was stated that altcoin blockchains that have low transaction costs will continue to surge in popularity as of late. Solana projects have also reached their all-time high. Check out the top 10 Solana projects, including Dapps, smart contracts, and protocols.

This is reportedly due to the high gas fees that are being used on the Ethereum network. It was stated that it currently hovers around $153 for every smart contract execution. As of the moment, Catecoin climbed to the top 10 most mentioned cryptocurrency coins on Twitter.

Related Article: Axie Infinity Launches Katana DEX on Ronin | $163.23M Reached with 170,000 Transactions

This article is owned by Tech Times

Written by Urian B.

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