Polymesh and its POLYX token are having one heck of a day, boasting gains topping 65% in a 24hr period. The reason for this is multi-fold, including an increasing amount of interest in digital securities among market participants, and a recent announcement of new ties with Binance.
Polymesh + Binance
With its recently established ties to Binance now unveiled, Polymesh notes that the worlds largest exchange has officially become a node operator within its network. Graeme Moore, Head of Tokenization at Polymesh states,
“Binance is the clear-cut leader in blockchain no matter what data you use…Onboarding Binance as the newest node operator provides Polymesh with a massive boost in visibility, credibility, and security. We are encouraged by this development, and look forward to growing the Polymesh ecosystem with Binance’s support.”
While Binance becoming the 17th node operator working to secure the Polymesh blockchain is a boon on its own, traders have even more to be excited about as this new working relationship will see POLYX staking go live on Binance, bringing massive exposure to a relatively unknown project.
Polymesh notes that these developments come as it works to “expand security tokens and POLYX to more participants around the world.”
Market Reaction
Naturally, news of ties with Binance has led to a surge in token value. At time of writing, not only is POLYX boasting 24hr gains topping 60%, trading volumes have followed suit.
24hr POLYX/USD
While increased support through Binance may eventually result in the worlds largest exchange leading the way for POLYX trading volume, for now the bulk of activity involving the token is occurring on Upbit.
What is POLYX?
For those unaware, POLYX is the utility token for the Polymesh Network. Polymesh itself was first announced roughly 4 years ago, and purpose built to serve the digital securities sector.
While the project may have been a slightly ahead of its time, this appears set to change quickly in the coming months/years, with a variety of investment firms anticipating massive adoption of digital securities and the tokenization of real world assets.
While originally a product of Polymath, the Polymesh project spread its wings and began operating independently soon after its launch.
Converting Stragglers
As previously mentioned, Polymesh and POLYX began life as a product of Polymath. In an effort to bring users aboard its platform, Polymesh continues to offer a token bridge to convert the older POLY tokens associated with Polymath, to the newer POLYX tokens associated with Polymesh.
Traders still sitting on POLY holdings can access the conversion bridge HERE. Once completed, the resulting POLYX can then either be stored, traded, staked, or used across the Polymesh network.
Final World
Occupying the 180th spot by marketcap, Polymesh and its token POLYX are in a prime spot to quickly rise the ranks. With a huge increase in interest with what the project has to offer, and its recent performance on the back of its announcement involving Binance, POLYX will have no doubt caught the eye of many looking for the next token with the potential to grow quickly.
For those interested in learning more about digital securities, and how they make the tokenization of real world assets possible, make sure to check out our recent look at the ‘State of Security Tokens‘ by STA.
