Binance has concluded its July community vote, listing as the winner for the month Polymath (POLY). As in previous rounds, POLY was awarded a fee-free listing placement to Binance.
https://twitter.com/binance/status/1024129775860834304
POLY is a token-based project, aimed at bringing tokenization to the security markets, and bring the world of traditional assets into the form of blockchain-based digital assets. On Binance, the community coin will have a limited listing, trading in pairings with Bitcoin (BTC) and Binance Coin (BNB).
POLY has a presence on other Asian exchanges, including Huobi, Upbit, and Kucoin. Currently, POLY trading is based only on exchanges with BTC and Ethereum (ETH), with BTC having a more significant weight. POLY has been sliding both in dollar and BTC prices since its listing in February.
POLY trading comes with a risk warning, and the volatility has immediately revealed itself, possibly on bot activity following the new listing. POLY appreciated rapidly around 03:00 UTC, with a jump from $0.44 to $0.57, later to slide back towards $0.50. Volumes also reached a peak of $49 billion in 24 hours, calculated from the exact moment of price appreciation.
The Polymath project allows the creation of security tokens, but only ensuring the technical, not the regulatory side. Security tokens may represent shares in a company, or in a piece of real estate, and are still a grey area in the world of crypto coins, where most projects, in fact, aim to avoid the security status.
Users on Reddit showed concerns in a recent ask-me-anything (AMA) session that the POLY token was not essential to the ecosystem, hence its dubious value.
On the other hand, the Polymath project solves a real-world problem of democratizing the ownership of assets through easy to transfer tokens:
“Shares in private equity and private companies are also highly illiquid and tough to sell. There are many manual processes that have to occur to sell these instruments, and if we can replace these with tokens that can be automated with built-in regulatory compliance checks, we can have these securities be more valuable than their relatively less liquid, legacy counterparts,” wrote the project team in the recent Reddit AMA.
For the Binance vote, Polymath competed against Libra Credit (LBA), Locktrip (LOC), Mithril (MITH) and NKN (NKN). After the announcement of the voting outcome, MITH lined up among the biggest 24-hour losers, sinking 25% to $0.64.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.
This article appeared first on Cryptovest
