The alliance advances the goal of building a more financially inclusive world for everyone
Shyft, a global blockchain-based network that facilitates secure sharing of attested and compliant data has announced the signing of a Letter of Understanding with Polymath, the world’s first security token creation platform. As part of this partnership, Polymath would become an active ecosystem participant and data provider for the Shyft Network, acting as both a Trust Anchor and decentralized application (dApp) developer on the network.
“We’re pleased to announce this partnership with Polymath, which further builds on Shyft’s goal of revolutionizing our global economy through facilitating the secure sharing of trusted and compliant data,” said Joseph Weinberg, Chairman of Shyft. “Building the platform that tokenizes securities is a vast and pivotal vision, making the addition of Polymath’s technology and data to our network a key partnership. This partnership builds upon our common vision to improve access to capital and build a more financially inclusive future for everyone.”
The Shyft Network is building a new more secure framework to tackle regulation and compliance requirements around KYC/AML and user identity, operating on the concept of “Creditability,” which offers comprehensive insight into individual credibility, without disclosing or compromising individual identity. Traditional vetting schemes such as credit scores often provide insurmountable barriers to global financial services. Creditability can serve as a superior alternative, especially for the 3.5 billion global citizens who are considered “unbanked” or “underbanked,” that provides a balance between financial institution risk tolerance, privacy of user data, and the need for universal financial services access. As part of this mission, Shyft is working with third-party Trust Anchors like Polymath, as well as governments, exchanges, and other organizations that are KYC/AML compliance-focused and are using traditional collection strategies to attest to the validity of the data, to enable multi-stakeholder data sharing on Shyft network. Through participation in the Shyft ecosystem, Shyft is building a more financially-inclusive and efficient future for everyone.
“Polymath operates in the highly regulated space of financial securities,” said Trevor Koverko, CEO and co-founder of Polymath. “One of the integral pieces of securities regulation revolves around identity and ensuring that only authorized participants are holding certain securities. Shyft provides an elegant and intelligent approach to the problem of identity and we are thrilled to work together.”
Polymath and its unique Security Token Standard ST-20, enable securities issuers to quickly and easily create blockchain-based financial securities like equities and LP shares. The Polymath platform makes it simple to navigate the complex technical and regulatory requirements of a successful security token sale.
To learn more about Shyft’s global advisory board, vision and team, visit https://www.shyft.network. And for more information on Polymath and the Security Token Standard (ST-20), please visit https://polymath.network/.
About Shyft Network:
Shyft is building the world’s first secure, multi-stakeholder Blockchain-based digital identity ecosystem that enables KYC/AML attested data transfers. Combining privacy of data with efficiency of attestation, Shyft technology will radically streamline and simplify data collection, reduce cost and minimize the cybersecurity risks inherent in traditional compliance systems. In addition, Shyft is working to make the global economy accessible for all by creating credible reputations for the 3.5 billion consumers who are lacking “identities” by today’s standards. For more information on Shyft, please visit www.shyft.network.
About Polymath Network:
Polymath Network (Polymath) is a decentralized platform that makes 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. For more information, please visit https://polymath.network.