The native token of a crypto challenge targeted on real-world asset (RWA) tokenization has surged 69% prior to now week amid the rollout of a brand new non-public blockchain.
Polymesh (POLYX) is a public blockchain purpose-built for RWA tokenization. The challenge’s native token, POLYX, is buying and selling at $0.415 at time of writing, up from $0.245 one week in the past.
The 192nd-ranked crypto asset by market cap is up 7% prior to now 24 hours.
On Monday, the challenge introduced the launch of Polymesh Personal, a confidential model of the community’s public permissioned blockchain. Polymesh notes that firms can use the brand new non-public permissioned community after which migrate to the general public community when prepared.
Graeme Moore, head of tokenization on the Polymesh Affiliation, says the brand new non-public blockchain will provide “seamless public migration.”
“The overwhelming majority of RWA tokenization by banks and huge monetary establishments remains to be happening on non-public blockchains. Polymesh Personal will meet these gamers the place they’re whereas offering a future-proof tech stack.”
After its beneficial properties this week, POLYX is simply 16% down from its all-time excessive of $0.494, which it set again in October 2022.
The token is used for staking, governance and transaction funds on the community.
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