Mirae Asset Management and Polygon Partner in Security Tokenization

Mirae Asset Securities, the premier financial entity in South Korea boasting assets under management exceeding $500 billion, unveiled its collaboration with Ethereum’s scaling solution, Polygon Labs. The partnership aims to foster tokenization in the financial domain and further the uptake of Web3 technologies.

Ahn In-sung, the chief of the digital assets segment at Mirae Asset Securities, remarked,

“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,”

Tokenization enables the digitization of tangible assets such as bonds, real estate, artworks, and shares, transforming them into blockchain tokens. The alliance will see Polygon Labs serving as the technical advisor to The Mirae Asset Security Token Working Group. This body is tasked with devising the necessary framework for the tokenized securities’ issuance, trade, and distribution, as stated in a press release presented to the media.

Contrasting from the security token consortium, Next Finance Initiative (NFI) – a collaboration between Mirae, Hana Financial, and SK Telecom – the Mirae-led group consists of distinct firms like Coin Plug and Linger Studio.

Many conventional financial powerhouses, including Hamilton Lane and Franklin Templeton, having a staggering $823.9 billion assets under management, have previously kick-started tokenization endeavors on Polygon’s platform. Notably, last year, the Monetary Authority of Singapore’s experimental venture, Project Guardian, carried out sovereign bond and foreign exchange dealings on Polygon.

Data from Boston Consulting Group alongside investment enterprise ADDX suggests that by 2030, asset tokenization might witness a 50-fold rise to an impressive $16.1 trillion, which would represent 10% of the worldwide GDP.

Polygon Lab’s Executive Chairman, Sandeep Nailwal, is optimistic about Mirae’s initiatives enriching the adoption of Web3 technologies within the financial realm.

“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,”