Enegra Group, a Malaysia-based commodity trading company with a net asset value of $ 28 billion, has migrated its EGX security tokens linked to Ethereum's Polygon blockchain (MATIC) blockchain (MATIC) security tokens (ETH). In 2019, Energra tokenized 100% of its capital, allowing shareholders to digitally exercise their dividend, voting and governance rights. Both initial tokenization and token migration were facilitated by Tokeny, an asset tokenization and compliance infrastructure provider.
Matthew Averay, Managing Director and CEO of Enegra, said:
We tokenize our capital to improve liquidity. And, now that the technology is available for faster, cheaper and more compatible transactions on the blockchain, we wanted our investors to take advantage of it. Polygon and Tokeny provided the complete infrastructure we needed to do this and we are very pleased with the results.
Meanwhile, Sandeep Nailwal, co-founder of Polygon, commented:
The tokenization of real world financial assets and securities is probably the next big wave in DeFi, and we are excited to see our partner, Tokeny, bring qualitative and compliant assets to the Polygon network. By leveraging our infrastructure with the right software provider like Tokeny, businesses can quickly deploy or convert their assets to Polygon.
1/2 @enegragroup comes to #Polygon, All thanks to @TokenySolutions
Enegra is one of the first regulated companies in the world to issue share-backed digital security tokens, under the EGX security token code on the Polygon network.
Learn more: https://t.co/gVegl4QDsH pic.twitter.com/jUN5g7IgSp
- Polygon | $ MATIC (@ 0xPolygon) November 5, 2021
Finally, Luc Falempin, CEO of Tokeny Solutions, added the following statement:
Token issuers no longer have to worry about being locked onto a blockchain forever. Without losing any history, we now have the tools and processes for smooth migrations from one network to another.
Polygon is a protocol designed to scale and develop infrastructure on the Ethereum blockchain. According to PolygonScan, the network processes more than 3 million transactions per day and has approximately 105 million unique wallet addresses. Altcoin blockchains with low transaction costs continue to rise in popularity as of late, due to high gas fees on the Ethereum network, which currently hover around $ 153 by smart contract execution.
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