Enegra Group, a Malaysia-based commodities trading company, has migrated its equity tied EGX security tokens from Ethereum (ETH) to the Polygon(MATIC). Energra has tokenized 100% its equity in 2019, allowing shareholders to digitally exercise voting, dividend and governance rights. Tokeny, a provider of compliance infrastructure and asset tokenization, was instrumental in both the tokenization and migration.
Matthew Averay, Enegra’s managing director and CEO, stated:
To increase liquidity, we tokenized our equity. We wanted to make it easier for our investors to use the technology that allows faster, cheaper, and more compliant transactions on the Blockchain. We are very pleased with the results of the Polygon and Tokeny infrastructure.
Sandeep Nailwal (co-founder of Polygon) commented:
Tokeny is a software provider that enables businesses to quickly deploy or convert their assets to Polygon. We believe the tokenization of real-world assets, financial securities, and other assets is the next big thing in DeFi. Businesses can quickly convert or deploy their assets to Polygon by leveraging our infrastructure, such as Tokeny. 1/2 @enegragroup is coming into #Polygon thanks to @TokenySolutions Enegra was one of the first regulated companies in the world to issue digital security tokens that are equity-backed under the security token code EGX. Learn More: https://t.co/gVegl4QDsH pic.twitter.com/jUN5g7IgSp
— Polygon | $MATIC (@0xPolygon) November 5, 2021
Finally, Luc Falempin (CEO at Tokeny Solutions) added the following statement.
Token issuers no longer need to worry about being permanently blocked from a blockchain. We now have the tools and processes to facilitate smooth migrations between networks without losing any history.
Polygon is a protocol that allows for the development and scaling of infrastructure on Ethereum. PolygonScan estimates that the network processes more than 3 million transactions per hour and has approximately 105,000,000 unique wallet addresses. Due to the high Ethereum network gas fees, which currently hover at $153 per smartcontract execution, altcoin blockchains that have low transaction costs are gaining popularity.