Crypto News– Asset Securities, South Korea’s largest financial conglomerate with assets exceeding $500 billion under management, announced on Thursday its collaboration with Ethereum scaling platform Polygon Labs to drive tokenization within the finance sector and promote the adoption of Web3 technologies.
Mirae and Polygon Labs Join Forces in 500 Billion Dollars Securities Tokenization Venture
Polygon Labs will serve as a technical advisor for The Mirae Asset Security Token Working Group, a consortium dedicated to establishing the infrastructure necessary for issuing, trading, and distributing tokenized securities. This initiative, as disclosed in the press release shared with CoinDesk, involves multiple firms, including Linger Studio and Coin Plug. It operates independently from Mirae, Hana Financial, and SK Telecom’s security token consortium known as Next Finance Initiative (NFI). Tokenization encompasses the conversion of real-world assets, such as real estate, bonds, fine art, and equities, into digital tokens on a blockchain.
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.
Ahn In-sung, head of the digital assets division at Mirae Asset Securities
Several prominent players in traditional finance, including Franklin Templeton and Hamilton Lane, a prestigious investment firm managing assets exceeding $823.9 billion, have already launched tokenization projects on the Polygon platform. Notably, the Monetary Authority of Singapore’s experimental tokenization initiative, Project Guardian, conducted foreign exchange and sovereign bond transactions on Polygon in the previous year.
According to projections by Boston Consulting Group and investment firm ADDX, asset tokenization is poised to grow substantially as a business opportunity, potentially reaching $16.1 trillion by 2030, equivalent to 10% of the global gross domestic product (GDP).
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.
Sandeep Nailwal
Sandeep Nailwal, the Executive Chairman of Polygon Labs, anticipates that Mirae’s efforts will significantly contribute to the adoption of Web3 technologies in the financial industry.
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