The Polymath cryptocurrency has benefited from a Binance boost. The trading volume for this token has increased slightly, despite the fact that its value hasn’t changed significantly. That’s most likely due to the fact that it was recently added to the prominent centralized exchange Binance.us.
Keep in mind that Polymath crypto isn’t a brand-new coin. By a long shot, no. It was actually added to the less US-friendly Binance.com exchange in July 2018. However, investors in the United States are still unable to access the exchange, which was launched in China in 2017.
Despite the fact that Binance.com is one of the world’s most popular exchanges in terms of volume, it has been subjected to a great deal of scrutiny. In 2019, it ceased to accept users from the United States. Italian regulators have since barred the now-Malta-based firm from operating in their nation. Binance is also being probed by the United States for tax evasion and money laundering.
However, we still have access to Binance.us, which is apparently run as a distinct entity. It does, however, license software, trademarks, and wallet technology from the original Binance. As a result, the user experience is quite identical for both. That includes the relatively low exchange rates.
The amount of tokens listed on each is the one big exception. The original exchange provides access to a large variety of different cryptocurrencies. Bincnace.us, on the other hand, has just over 60 tokens. However, that number is projected to rise. Polymath crypto, the most recent addition, is proof of that.
While attempting to tokenize a private fund, Polymath crypto was founded. The concept is sound. Private equity holdings can be converted into marketable digital assets to help fund future initiatives. Furthermore, when money is tokenized, it can be cut up into very small bits. If a fund invests $4 million in a project, it can split the money into 100 tokens, each worth $40,000. It also has the option of issuing 4 million tokens, each worth $1. If the fund so wants, it can even be fractionalized into smaller increments.
This makes room for a wide range of investors. More investors will be able to get a token worth $1.0. If the private fund intends to appeal to institutional investors, however, a higher token cost may be appropriate.
The addition of Polymath crypto to the Binance.us exchange was unquestionably beneficial. However, for a project of this magnitude, that is unlikely to be a primary motivator. When Polymesh fully transitions from an Ethereum-based token to a coin on its own blockchain, however… That may be huge news.
