Enegra Group is a commodities trading company that is based in Malaysia. It has a net asset value of $28 billion. The latest reports indicate that the firm has moved its equity-tied EGX security tokens to the Polygon (MATIC) blockchain from the Ethereum blockchain.
Back in 2019, Enegra tokenized up to 100% of its equity, which enabled its shareholders to digitally exercise their dividend, voting, and even governance rights. Both the token migration and initial tokenization were handled by Tokeny, asset tokenization, and compliance network provider.
The managing director and CEO at Enegra, Matthew Averay, stated:
“We tokenized our equity to improve liquidity. And, now that the technology is available for faster, cheaper, and compliant transactions on the 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.”
The company chose the Polygon blockchain encouraged by its low transaction fees and quick transaction time. In the meantime, the co-founder at Polygon, Sandeep Nailwal, said:
“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. By leveraging our infrastructure with the right software provider, such as Tokeny, businesses can quickly deploy or convert their assets to Polygon.”
1/2 🤝 @enegragroup is coming to #Polygon, all thanks to @TokenySolutions
🤩 Enegra is one of the world’s first regulated companies to issue equity-backed digital security tokens, under security token code EGX on the Polygon network.
🌐 Learn More: https://t.co/gVegl4QDsH pic.twitter.com/jUN5g7IgSp
— Polygon | $MATIC (@0xPolygon) November 5, 2021
The CEO at Tokeny Solutions, Luc Falempin, also commented on the new partnership:
“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.”
By design, Polygon is meant for scaling and developing infrastructure on the Ethereum blockchain. Based on data acquired from PolygonScan, the network processes more than 3 million transactions per day and has nearly 105 million unique wallet addresses.
The altcoin blockchains that have low transaction costs continue to grow in popularity lately. Their popularity growth is fueled by the high gas fees charged on the Ethereum network that currently hovers around $153 for every smart contract execution.
