Polygon Labs Collaborates with $500B Mirae Asset on Web3 Technologies

Mirae Asset Securities, a dominant player in South Korea’s financial scene boasting over $500 billion in managed assets, has joined hands with Ethereum’s scaling platform, Polygon Labs. Their mission is to enhance the finance sector’s transition towards tokenization and spur the adoption of Web3 technologies.

Polygon Labs will lend its expertise to The Mirae Asset Security Token Working Group. The primary goal of this collaboration is to develop a robust infrastructure to facilitate the issuance, exchange, and distribution of tokenized securities. Mirae Asset Securities highlighted this partnership in a recent press release.

This working group is a conglomerate of multiple firms, among which are Linger Studio and Coin Plug. Interestingly, the initiative operates independently, keeping its distance from other security token consortiums like the Next Finance Initiative (NFI), a collaborative effort between Mirae, Hana Financial, and SK Telecom.

“Polygon Labs is a trailblazer in blockchain technology and has been pioneering numerous Web3 facets. Our technical alliance with Polygon Labs is strategic, positioning Mirae Asset Securities at the forefront of the tokenized securities domain,” mentioned Ahn In-sung, the leader of Mirae Asset Securities’ digital assets division.

Tokenization is a transformative process where tangible assets, be it real estate, art, equities, or bonds, undergo a digital metamorphosis to become blockchain tokens. Some renowned finance magnates have already embraced this shift. Notably, Hamilton Lane and Franklin Templeton have embarked on tokenization ventures using Polygon’s platform. Moreover, the Monetary Authority of Singapore’s groundbreaking tokenization endeavor, termed Project Guardian, successfully performed sovereign bond and foreign exchange transactions on Polygon in the previous year.