Polymesh Introduces $25 Million Grant to Expand Tokenized Security Space

A grant program for developers has been introduced by Polymesh — a blockchain for regulated security tokens — which offers 50 million of its native POLYX tokens (approximately worth $25 million) for the development of certain ideas such as a tokenized exchange, cross-chain settlement engine, wallet integrations, and a finance-oriented block explorer. Developers are also welcome to submit their own concepts.

The grant hopes to address the issue of getting an ecosystem of developers building on a new platform, especially for nascent blockchains. Similar strategies have proven to be successful for layer 1 blockchains — the base network that can validate and finalize transactions without the need for another network like Bitcoin and Ethereum. In August 2021, base blockchain Avalanche announced a $180 million program which led to a surge in its token AVAX.

“People want to build infrastructure on Polymesh because it’s a blockchain built for regulated assets, but the amount of use cases and the amount of users is still admittedly in its early days,” explained Polymesh head Graeme Moore. “So how do you solve that? You bootstrap it by incentivizing developers to build applications on the blockchain.”

According to Moore, among the primary goals of Polymesh is to support the trading of security assets whether physical or digital. The blockchain’s move comes as the tokenized security space continues to grow as technologies that come with sufficient regulatory guardrails emerge.

“Our thesis at Polymesh is that all of the world’s financial securities will be on the blockchain at some point in time,” Moore elaborated. “We’re at the forefront of building the base layer infrastructure so that these folks can build applications that meet their needs on top. It’s really just a matter of when, not if.”

Source: CoinDesk