Enegra Shifts Digitized Equity Tokens from Ethereum to Polygon Blockchain
A commodities trading corporation located in Malaysia with a net asset value of $28 billion, Enegra Group, has moved its equity-tied EGX security tokens to the Polygon (MATIC) blockchain, which was formerly used by Ethereum (ETH).
On January 1, 2019, Energra tokenized 100 percent of its stock, allowing shareholders to digitally exercise their dividend distribution rights, voting rights, and governance rights in the company.
Tokeny, a supplier of asset tokenization and compliance infrastructure, provided assistance with both the original tokenization and the token migration processes. Polygon is a protocol for scaling and developing infrastructure on the Ethereum blockchain, and it was developed by Polygon Technologies.
It is estimated that the network has over 105 million unique wallet addresses and that it executes over 3 million transactions each day, according to PolygonScan. Due to the high gas prices on the Ethereum network, which presently average around $ 153 per smart contract, altcoin blockchains with cheap transaction costs have continued to increase in popularity in recent months.
Enegra’s managing director and chief executive officer, Matthew Averay, stated:
“In order to boost liquidity, we tokenized our stock. Because we wanted our investors to benefit from the technology that is now accessible for quicker, cheaper, and more compliant transactions on the blockchain, we made the technology available. In order to do this, Polygon and Tokeny supplied the whole infrastructure that we need. We are quite delighted with the outcomes.”
“The tokenization of real-world assets and financial instruments is undoubtedly the next major wave in DeFi, and we are happy to see our partner, Tokeny, introduce qualitative and compliance assets to the Polygon network,” Sandeep Nailwal, Polygon’s co-founder, said in a statement. “Businesses may swiftly deploy or convert their assets to Polygon by using our infrastructure in conjunction with the appropriate software supplier, such as Tokeny.”
To conclude, Luc Falempin, the CEO of Tokeny Solutions, made the following statement: “Token issuers no longer have to worry about their tokens being banned on a blockchain indefinitely. We now have the tools and procedures in place to ensure a seamless transition from one network to another without losing any historical information.”
🤩 Enegra is one of the world’s first regulated companies to issue equity-backed digital security tokens, under security token code EGX on the Polygon network.
— Polygon | $MATIC (@0xPolygon) November 5, 2021