- In a recent announcement, Polygon Labs has revealed that it will be collaborating with South Korea’s leading finance giant Mirae.
- The partnership will focus on the development of a tokenized securities network on the Ethereum scaling platform.
Polygon Labs has revealed, in a recent announcement, that Mirae, a leading South Korean firm, will be joining the Polygon ecosystem.
According to the announcement, the collaboration is centered around the enhancement of Polygon Labs, particularly strengthening the adoption of tokenization and other Web3 technologies. Mirae Asset Securities currently holds the position of the largest finance group in South Korea, with more than $500 billion in assets under management.
The economies of tomorrow will leverage the tools of DeFi being built today, and as this new financial future begins to take shape, asset tokenization will play an important role.
Korea’s largest financial group, Mirae Asset Securities, is joining the @0xPolygon ecosystem.… pic.twitter.com/hRxvosgGTZ
— Polygon (Labs) (@0xPolygonLabs) September 8, 2023
Notably, Mirae Asset will also be collaborating with Polygon Labs to carry out joint research. This research will focus on the enhancement of token securities on Polygon. It will also make it possible to establish interoperability between South Korea’s domestic and foreign financial infrastructures. The research will go on to provide necessary technical support for a consortium for a securities token platform.
Polygon Labs will also function as a technical consultant on The Mirae Asset Security Token Working Group. The Group is currently affiliated with a handful of other leading companies, which includes Linger Studio and Coin Plug, Hana Financial, and SK Telecom’s security token consortium, Next Finance Initiative (NFI).
The Mirae Asset Security Token Working Group is also notably working towards the creation of new infrastructure. The goal is to bring to life an infrastructure to facilitate the exchange and distribution of tokenized securities.
Mirae and Polygon executives speak on the potential outcome of the collaboration
Speaking on the relevance of the partnership, Ahn In-sung, head of the digital assets division at Mirae Asset Securities, explained that the collaboration is poised to place the finance firm on a global level in terms of leadership, particularly in the fields of tokenized securities.
As he explained;
“Polygon Labs is a leading global blockchain technology development company that is innovating throughout all aspects of Web3. Through technical collaboration with Polygon Labs, Mirae Asset Securities aims to establish global leadership in the field of tokenized securities.”
Similarly, Polygon Lab’s Executive Chairman Sandeep Nailwal shared his thoughts on the new development. Nailwal particularly asserts that Mirae is one of the most advanced firms, committed to moving with the tides. Its entrance into the world of tokenization will benefit the Web3 industry in a handful of ways, he added.
“Mirae is a great example of a progressive, forward-looking company that aims to stay up to date with the constantly evolving world of digital finance. Its foray into tokenization will undoubtedly help accelerate the mass adoption of Web3 among other financial institutions,” Nailwal stated.
Tokenization, despite being in its early stage, is gaining a lot of popularity in the Web3 ecosystem, as more traditional firms continue to recognize its global potential across the DeFi and Web3 industry.
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