Enegra migrates digital stock tokens from Ethereum to the Polygon blockchain – News Couple
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Enegra migrates digital stock tokens from Ethereum to the Polygon blockchain

The Enegra Group, a Malaysia-based commodity trading company with a net asset value of $28 billion, has migrated its stock-linked EGX security tokens to the Polygon (MATIC) blockchain from Ethereum (ETH). In 2019, Energra tokenized 100% of its shares, enabling shareholders to digitally exercise their dividend, voting and governance rights. Both the initial tokenization and the migration of tokens were facilitated by Tokeny, a provider of token asset and compliance infrastructure.

Matthew Avray, Managing Director and CEO of Enegra, said:

We coded our equity to improve liquidity. Now that the technology is available for faster, cheaper and less expensive transactions on the blockchain, we wanted our investors to benefit from it. Polygon and Tokeny have provided the complete infrastructure we needed to do this, and we are very pleased with the results.

Meanwhile, Sandeep Nailwal, co-founder at Polygon commented:

Real-world asset and stock tokenization is likely to be the next big wave in DeFi, and we’re 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, companies can quickly deploy or transfer their assets to Polygon.

Finally, Luke Valembin, CEO of Tokeny Solutions, added the following statement:

You no longer have to worry about issuing tokens about being banned on the blockchain forever. Without losing any history, we now have the tools and processes needed for seamless migrations from one network to another.

Polygon is a protocol designed to scale and develop infrastructure on the Ethereum blockchain. According to PolygonScan, the network processes more than 3 million transactions per day and has approximately 105 million unique wallet addresses. Blockchain Altcoin with lower transaction costs continues to rise lately, due to rising gas fees on the Ethereum network – currently hovering around $153 per smart contract execution.