Scrypt joins a growing network of capital market participants who will assist in securing Polymath's purpose-built blockchain for regulated assets
TORONTO, May 26, 2021 /PRNewswire/
Scrypt Asset Management AG ("Scrypt"), a Swiss company that provides institutional investment solutions for digital assets, is now running an authoring node on the new Polymesh blockchain.
Polymesh, currently in testnet phase, is an institutional-grade blockchain specifically for regulated securities that was purpose-built by Polymath to address the regulatory gaps in existing blockchains such as Ethereum. Polymesh's specificity gives it and the applications built on top an advantage in meeting capital markets requirements - particularly around identity, compliance, confidentiality, and governance.
Differing from general-purpose blockchains, Polymesh requires its node operators to be known, trusted, and verified capital markets participants. This approach removes the issues that occur when on-chain transactions are confirmed by pseudonymous entities in unknown jurisdictions, which is why Polymath views companies like Scrypt as ideal participants in its network.
"Institutions are increasingly turning to blockchain, be this for increased operational efficiency and infrastructure, or in their search for new sources of yield," said Sylvan Martin, Chief Operating Officer at Scrypt. "Polymesh provides strong foundations that will play a critical role in helping blockchain companies meet the needs of capital markets and their participants. We're excited to be a core component of their network and look forward to working together."
Founded in 2018 by a young team with experience in digital assets and blockchain, Scrypt was one of the first regulated Swiss companies to provide institutional investment solutions for digital assets. Scrypt aims to promote the growing decentralization of finance so investors can access and create value in a transparent, trustless, and immutable ecosystem.