Mirae Securities Teams Up with  Polygon Labs to Tokenize Assets

The largest brokerage and investment firm by market capitalization in South Korea, Mirae Asset Securities, has sealed a partnership agreement with Polygon network aiming at tokenizing financial tools. Mirae and Polygon agreed to work together to tokenize critical financial infrastructures and push for mainstream adoption of Web3 technologies.

In a press release dated September 7, the asset manager tasked the Mirae Asset Security Token Working Group (MASTWG), the team behind the tokenization of the securities, to collaborate with the Polygon Labs in the ongoing project.

Tokenization of Securities

During the project, the Polygon team will offer technical support to the MASTWG. The project team intend to leverage their vast experience to build a revolutionary infrastructure that will support the issuance, distribution and exchange of tokenized securities.

The report illustrated that the Mirae team will work closely with other companies in the region, including the Linger Studio, Hana Financial and SK Telecom’s security token consortium, Coin Plug and Next Finance initiative, in the upcoming project. The collaboration aims at introducing securities such as bonds, stocks and real estate to the blockchain network.

A statement from Mirae’s head of the digital assets division, Ahn In-sung, revealed that the joint forces with Polygon aim to position the assets manager as the leading provider of tokenized securities globally. The official lauded the remarkable achievements made by Polygon Labs in improving the blockchain and Web3 technologies.

He explained the benefits of tokenizing the securities. In-sung anticipates that after the completion of the project, real assets, including bonds, digital tokens, and arts, will be launched on the blockchain network.

Expansion of Web3 Technology

Responding to this, Polygon Labs chair Sandeep Nailwal acknowledged the efforts made by the Mirae group to support the growth of the Web3 sector. He praised Mirae for remaining ahead of the curve in matters concerning innovation.

The executive attributed Mirae’s operations to those of a forward-thinking company seeking dominance in an evolving crypto sector. Nailwal argued that the tokenization of securities will support the broad adoption of Web3 in the financial industry.

He added that the tokenization of the security project will boost the interoperability of the South Korean system to international financial infrastructures. Despite the dynamism in the crypto sector, key financial players have partnered with crypto firms to tokenize their financial tools.

Recently, Polygon Labs has supported best-performing assets managers, including Franklin Templeton and Hamilton Lane, to tokenize their project on the Ethereum scaling solution. The Polygon Labs team also supported the Monetary Authority of Singapore (MAS) to complete a tokenization project dubbed Project Guardian. The project aimed at leveraging the Polygon network in foreign exchange transactions.

From the successful projects seeking to tokenize assets, the Boston Consulting Group teamed up with ADDX to examine the importance of tokenization in the financial sector. The study revealed that the opportunities in asset tokenization will increase 50 times to generate revenue amounting to  $16.1 trillion in the next decade.

Polygon MATIC Market Outlook

News concerning the ongoing tokenization of assets on the Polygon network triggered the price of the native token MATIC to experience a brief rally. Analyzing the price movement of MATIC on the CoinMarketCap charts illustrated that in the last 24 hours, the token jumped by 0.05% to trade at $ 0.5549. The daily trading volume of MATIC portrayed a modest profit after increasing by  2.79% to reach $22.2 billion in a day.

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