Tokeny Helps Enegra, a $28 billion Company, Migrate Digital Securities from Ethereum to Polygon

Tokeny, a digital asset platform that supports tokenization and digital securities, has aided in the migration of Enegra from Ethereum to Polygon blockchain.

Enegra is a commodities trading firm with approximately $28 billion in net asset value (NAV). Enegra Group Ltd, incorporated in Malaysia, enables mid-tier commodity miners in emerging markets to compete globally against larger competitors by providing commodity trading expertise, risk management, logistics, and governance.

Tokeny explains that the migration enables faster end-to-end transfers of EGX security tokens with near-zero transaction fees on Polygon while predicting the EGX tokens are now on a path to attract global top 20 token market cap status.

Tokeny CEO Luc FalempinLuc Falempin, CEO and founder of Tokeny, said their goal is to help their customers access a flexible and scalable solution for permissioned tokens.

“Issuers of tokens don’t need to worry anymore about being blocked on a blockchain forever. Without losing any history, we now have the tools and processes for smooth migrations from one network to another. Enegra’s migration has showcased how quickly and easily migration can be done using our technology stack. And, the benefits are realized instantly, which is exactly what investors need and expect.”

Matthew Averay, MD and CEO at Enegra, said they tokenized their equity to improve liquidity and now tech is available for faster, less expensive, and compliant transactions utilizing blockchain.

“… we wanted our investors to take advantage of it. Polygon and Tokeny provided the complete infrastructure we needed to do so, and we are extremely pleased with the results.”

Ethereum, while widely utilized, is known for its costly transactions. Polygon aims to solve the pain points associated with blockchains, like high gas fees and slow speeds, without sacrificing security.  Polygon was designed to work alongside Ethereum to improve functionality and promote infrastructure development.

In September 2019, Enegra tokenized 100% of its equity and issued EGX equity-backed digital security tokens via Tokeny’s T-REX Platform. Enegra made the decision to migrate to Polygon to address Ethereum’s mounting gas fees and slow transaction speed and improve liquidity for EGX token holders.

The EGX tokens were issued through the T-REX security token standard, now recognized as the ERC3643 by the Ethereum community.

Thanks to cross-chain compatibility, the migration to Polygon from Ethereum was managed over a few days, and investors are able to retain the same wallet address for holding their EGX tokens. Tokeny states that after the migration, investors were able to interact immediately with their tokens on Polygon via the same platform but without prohibitive gas fees.

“The tokenization of real-world assets and financial securities is probably the next big wave in DeFi, and we are excited to see our partner, Tokeny, bring qualitative and compliant assets to the Polygon network,” said Sandeep Nailwal, Polygon co-founder. “By leveraging our infrastructure with the right software provider, such as Tokeny, businesses can quickly deploy or convert their assets to Polygon.”


Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!

Sponsored Links by DQ Promote

 

 

Send this to a friend