In a significant move for the digital asset space, IOTA has joined forces with Tokeny Solutions, a premier provider of compliance infrastructure, to introduce enterprise-grade tokenization and on-chain compliance into the IOTA EVM. Dominik Schiener, the founder of IOTA, expressed his enthusiasm for the collaboration, stating it is in line with their goal to make tokenized real-world assets and financial tools widely accessible within their ecosystem.
The rise of tokenization as a primary blockchain application is drawing in corporate participants, making compliance and security increasingly essential. In response, IOTA’s alliance with Tokeny Solutions, a global leader in compliance infrastructure for digital assets, aims to reinforce enterprise tokenization and enhance the security of digital asset management in IOTA’s network.
According to the Boston Consulting Group, tokenization could reach a valuation of $68 billion by the decade’s end under optimistic projections. Major corporations, including the colossal $10 trillion BlackRock and the $1.5 trillion Franklin Templeton, are exploring this domain.
For these heavily regulated entities, compliance is paramount, as non-adherence could result in multi-billion dollar penalties, particularly in areas like anti-money laundering. Compliance also holds significance for investors, as it upholds fairness, trust, and the integrity of the market.
IOTA’s partnership with Tokeny is set to improve how businesses utilize the IOTA EVM by incorporating Tokeny’s advanced compliance technology for top-tier tokenization.
Big announcement!
#IOTA
has partnered with
@TokenySolutions
to bring enterprise-level
#tokenization
and on-chain compliance to the IOTA EVM. This development enables companies to innovate with security and efficiency in mind! Discover more:
[Link to IOTA’s announcement]
[Image related to the announcement]
— IOTA (@iota)
July 4, 2024
The IOTA EVM chain, which debuted in the second quarter of this year as reported by Crypto News Flash, provides a seamless platform for the deployment and administration of smart contracts, gaining popularity among corporate users.
The network merges the EVM with Tokeny’s compliance framework, which utilizes the ERC-3643 standard, facilitating the creation, exchange, and control of tokens. This integration automates on-chain compliance, ensuring that only certified investors can access these tokens.
The collaboration between IOTA EVM and Tokeny is reshaping compliance in tokenization. Both organizations’ leaders have acknowledged the strategic nature of this partnership, which reflects their shared values and objectives.
Dominik Schiener of IOTA remarked on the integration with Tokeny:
“We’re excited about the integration with Tokeny, as it perfectly resonates with our mission to democratize the availability of tokenized real-world assets and financial instruments in our ecosystem. Tokeny is recognized as the most sophisticated institutional-grade tokenization platform, supporting the industry-standard ERC-3643, and is set to boost institutional tokenization on the IOTA EVM.”
Luc Falempin, CEO of Tokeny, echoed these sentiments, emphasizing the alignment with his company’s vision.
“IOTA’s distinctive Layer 1 protocol design allows for scalability and transactions without fees. Our role is to expedite tokenization to foster adoption and respond to the dynamic market needs,” he said.
Thanks to this partnership, corporate users can now confidently use IOTA for substantial token transactions without legal concerns. The IOTA Foundation highlighted:
“Our enhanced IOTA EVM, strengthened by Tokeny’s technology, provides a solid base for your digital asset projects, whether you’re looking to issue, transfer, or manage them.”
Currently, IOTA is trading at $0.11483, experiencing a
3.37%
decline over the past day amidst a broader market downturn that saw the total market capitalization fall by
2.50%
.
Recommended for you:
– Guide to Purchasing IOTA
– Tutorial on IOTA Wallet
– Monitor MIOTA’s 24-hour Price
– Latest News on IOTA
– Understanding IOTA
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