Security token launchpad Polymath and Crowd Machine, the distributed computer for building decentralized apps at speed and scale, have forged a partnership to allow companies to easily issue white label, regulatory compliant tokens to raise capital, according to a press release Thursday.
Polymath said its securities tokens are different from initial coin offerings (ICO’s) as they are backed by tangible assets, profits, or revenue, when compared with utility tokens. By partnering with Crowd Machine — which launches its own public ICO on April, 1 — it aims to provide companies and developers with the opportunity to build blockchain-agnostic applications and smart contracts without needing to know how to code.
As a result, Polymath said companies can easily interact with their security tokens, reducing the technological barriers to creating these on the blockchain and effectively automating the process of transforming financial securities into blockchain tokens so that these can be quickly and simply launched via regulatory compliant token sales.
“The partnership with Polymath is exciting for us because we recognize their leadership in the security tokens space and see our technology enabling more companies and projects to bring their ideas to market faster,” said Kurt Pfluger, CSO of Crowd Machine, in a statement. “We look forward to helping Polymath’s growing network navigate the blockchain and smart contracts associated with the platform to achieve the desired speed and compliance of offerings.”
The companies also hope that the synergy between the two enterprises will bring broader implementation of both platforms as they build infrastructure for the modern finance system.
“Partnering with Crowd Machine gives us a competitive advantage, in that their offering will allow companies to execute more quickly and efficiently than they would otherwise,” said Trevor Koverko, CEO of Polymath, in a statement. “Without a doubt, Crowd Machine will help our ecosystem grow and function more effectively to create an environment where innovative projects have what they need for successful token launches.”