Toronto, Canada — Polymath, the project bringing the multi-trillion dollar securities market to the blockchain via its industry-first security token platform, has announced that 7Pass, a hybrid investment company focused on the emerging global legal cannabis market, will be the first company to create a private security token (under 506b exemption) using the Polymath platform. The “7Pass” Token is being created using Polymath’s ST-20 standard to ensure it is compliant with both KYC/AML requirements and securities law prior and post-issuance, while enabling global accredited participants to enter the cannabis investment community.
CEO of Polymath, Trevor Koverko said: “Polymath is proud to announce that our platform will support the first private security token in partnership with 7Pass. Polymath has always been at the forefront of the security token industry, including spearheading the ST-20 standard and now supporting the first-ever Security Token Offering (“STO”). The partnership with 7Pass on their security token is a substantial milestone for us in our journey to showcase the capabilities of our platform and its potential to improve the security, efficiency, auditability, and accountability of the existing securities market.”
Senior Managing Partner of 7Pass, Francisco Turner said: “Polymath is a clear leader in streamlining the creation of security tokens, and offers a flexible and customizable platform that makes STOs more accessible and less complex for both entrepreneurs and issuers alike. Working with them is allowing us to create our ideal security token for the global legal cannabis sector, thereby opening up a multi-billion dollar market to accredited investors and innovators across the globe.”
7Pass has created a hybrid investment company that invests in and partners with experienced entrepreneurs and management teams to grow shareholder value in legal cannabis markets which are emerging worldwide by combining a variety of financing structures to help successful entrepreneurs build their cannabis businesses. The 7Pass management team and operating partners have extensive experience across multiple industries including cannabis, technology, banking, finance, private equity, marketing and portfolio management. Specifically, in the cannabis industry, the 7Pass team has managed businesses generating over $80 million in combined annual revenue in 2017.
Polymath is the industry’s first security platform, pioneering the development of the ST-20 Token Standard to simplify the process of creating and investing in security tokens. Companies using the Polymath platform, such as 7Pass, will be guided through the complex technological process of a Security Token Offering before issuance, ensuring a simple and compliant STO experience.
In addition to the 7Pass announcement at this week’s Blockchain Futurist Conference in Toronto, Polymath is also announcing that it will be submitting a draft of its Ethereum Improvement Proposal (“EIP”) in August, and is inviting the blockchain developer community to join in the crafting of the ST-20 Standard.
News Source: Wachsman