Home News Enegra migrates digitized equity tokens from Ethereum to Polygon blockchain

Enegra migrates digitized equity tokens from Ethereum to Polygon blockchain

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Enegra Group is a commodities trading corporation with a net asset value of $28 billion domiciled in Malaysia. It has moved its equity-tied EGX security tokens from Ethereum (ETH) to the Polygon (MATIC) blockchain. Energra tokenized all of the company stock in 2019, allowing shareholders to exercise their dividend, voting, and governance rights digitally. Tokeny, a supplier of asset tokenization and compliance infrastructure, helped with both the original tokenization and the token transfer.

“We tokenized our equities to boost liquidity”, said Enegra’s managing director and CEO, Matthew Averay. “Also we wanted our investors to take advantage of the technology now that it is accessible for quicker, cheaper, and compliant blockchain transactions. We are really delighted with the results, which were delivered by Polygon and Tokeny”.

Furthermore, Sandeep Nailwal, co-founder of Polygon, had this to say:

“We are delighted to see our partner, Tokeny, add qualitative and compliant assets to the Polygon network. Since tokenization of real-world assets and financial instruments is likely to be the next major wave in DeFi. Businesses may rapidly deploy or convert their assets to Polygon by utilising our infrastructure with the suitable software vendor, such as Tokeny.”

Finally, Tokeny Solutions’ CEO, Luc Falempin, said:

“Token issuers no longer have to concern about their tokens being permanently in the blacklist on the blockchain”. We now have the tools and processes in place to seamlessly migrate from one network to the next without losing any data.”

Polygon is an Ethereum-based system for scalability and infrastructure development. PolygonScan estimates that the network executes over 3 million transactions per day and has 105 million unique wallet addresses. Due to high gas prices on the Ethereum network, which now range around $153 per smart contract execution, altcoin blockchains with cheap transaction costs have risen in popularity in recent months.

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