Polymath to Test Security Token Exchange at DEX

Polymath managed to “successfully” test using the DEX protocol called Loopring, during which only authorized transactions with ST-20 security tokens took place
28 February 2019   376

The platform of security tokens Polymath, together with the Loopring project, demonstrated the possibilities of regulated exchange of tokenized securities on a decentralized exchange. This is reported by CoinDesk.

According to Polymath, it managed to “successfully” test using the DEX protocol called Loopring, during which only authorized transactions with ST-20 security tokens took place, while unauthorized transactions were not concluded.

The ST-20 standard developed by Polymath is an extended variation of the more general ERC-1400 standard, which allows you to limit transactions in the blockchain. Such tokens can be held and exchanged only if certain criteria are met, Polymath said, adding that during the test the wrapped ETH cryptocurrency was exchanged for the ST-20 standard token called Cammazol.

According to Graeme Moore, vice president of marketing for Polymath, the teams participating in the initiative showed that it is possible to enforce legal requirements when exchanging security tokens, even if it is carried out on a decentralized exchange.

What we are showcasing here is that decentralized exchanges and security token issuers have the ability to maintain compliance through the standardized protocols that Polymath and others have built. And, in fact, security tokens make it easier for issuers to follow regulations, when compared with the legacy capital markets system using paper share certificates.
 

Graeme Moore

Vice president of marketing, Polymath

Describing how it works, Polymath said that every time a trade is attempted, the token calls its transfer manager module and effectively asks, “Can this trade be executed?” The transfer manager then checks a whitelist (controlled by the token issuer) to see if the buyer and the seller are allowed to trade the token. Only if the answer is yes is the trade executed.

Loopring’s focus on user experience with their protocol was a great match for Polymath powered ST20 tokens which support an enhanced feature set on top of ERC20 to allow transfers to be fully validated before execution. 
 

Adam Dossa

Director of technology, Polymath

Polymath is company, dealing with securities tokenizations.

Bitfinex's LEO Token Whitpaper to be Released

Public stage of tokensale may not be conducted if hardcap of $1B won't be reached during closed sale
08 May 2019   268

Bitfinex Cryptocurrency Exchange published the whitepaper LEO token, with which it intends to raise $ 1 billion during the initial exchange offering (IEO).

It is expected that this amount will allow to fill the previously formed deficit of $ 850 million - the site operator will redeem tokens monthly for an amount of 27% of the profits.

Private stage of tokensale ends on May 11. If the intended hardcap won't be reached by this time, Bitfinex may refuse the public part of the campaign.

If fewer than 1 billion USDt tokens are sold by private token sale, the Issuer may thereafter sell remaining tokens at times and in a manner it deems appropriate in its sole discretion, consistent with applicable law. 
 

LEO Whitepaper

The issuer of the LEO token is Unus Sed Leo Limited, the newly registered IEO-iFinex platform.

The document also says that iFinex, which will be launched in June, will actively participate in the development of the second-tier Lightning Network.

iFinex has joined with a number of other companies and individuals to help develop and finalize the support for digital assets on Lightning Network. Ideally, digital assets developed and introduced by iFinex, including the LEO token, will be among the first digital assets launched on the Lighting Network.
 

LEO Whitepaper

In addition, Bitfinex plans to create a “a licensed and regulated security tokens exchange”, launch a derivative product with security at USDT and leverage up to 100x, as well as the Dazaar Big Data Marketplace and Betfinex exchange rates.

Another project will be the modular set of tools, libraries and protocols μFinex, based on the principles of open source. It will be used in both exchange and derivative products.

It worth reminding that in late April, the Attorney General’s Office of New York reported receiving a court order against Bitfinex in connection with the alleged loss of the last $ 850 million and the concealment of this fact from market participants.

Representatives of the trading platform said that we are not talking about permanent loss. These funds are frozen in bank accounts of Panamanian processing Crypto Capital Corp., located in four countries.

To ensure liquidity, Bitfinex was forced to use Tether Limited's funds for a loan and, according to the AG’s Office, has already received $ 750 million from the company's reserves. This was considered by the department as a crime.

On May 7, the New York State Supreme Court upheld the injunction against the Bitfinex Bitcoin Exchange, which does not allow Tether Limited to use its reserves for Exchange lending and other investment activities.