Security Token Creation Platform Polymath Adds Cryptoworth To List Of Service Providers
Digital assets software provider Cryptoworth has joined the Polymath Service Provider Ecosystem.
Cryptoworth is an enterprise provider of portfolio tracking, tax and accounting software for digital assets. Serving both individuals and enterprise customers, Cryptoworth’s solution enables real-time synchronization with wallets and exchange accounts and transforms balances, transaction histories and other data into actionable insights that are easily accessed via dashboards. According to Cryptoworth, organizations using its platform reduce the time taken to perform calculations by 90%, cut costs involved in asset management by 50%, and are able to handle 30% more customers.
Polymath is a decentralized platform that aims to make it easy to raise capital and create security tokens. The Polymath ST-20 standard embeds regulatory requirements into the tokens themselves, restricting trading to authorized participants only. The platform simplifies the complex technical challenges of creating a security token and aims to bring the multi-trillion dollar financial securities market to the blockchain.
The Polymath Service Provider Ecosystem brings together custody agents, broker-dealers, legal firms, tax services, cap table management providers, KYC/AML providers, and others who can help users create and manage their token. By working with Cryptoworth, issuers, investors and other stakeholders can account for security tokens created using Polymath’s technology— as well as their wider digital asset portfolios — in one place.
“Tokenization of securities is the future of capital markets, but enterprise adoption hinges on reducing complexity using technology,” said Geeth Jay, Co-Founder and CEO of Cryptoworth. “Polymath’s technology goes a long way to streamlining the token creation and issuance process and we’re excited to join their ecosystem to facilitate greater efficiency in tax and accounting.”
As part of joining the ecosystem, Cryptoworth has integrated the ERC 1400 security token standard. ERC 1400 was proposed by Polymath to provide a clear framework for security tokens so market participants could more easily meet regulatory and technical due diligence requirements.
“Digital assets, and especially security tokens, present new challenges in accounting because portfolio data is distributed across different exchanges and blockchains and takes a lot of manual effort to collect,” said William Vaz-Jones, Director, Partnership Development at Polymath. “Cryptoworth brings an innovative and scalable tool to the Polymath ecosystem that takes out much of this complexity through automation.”
Source: Read Full Article
