On March 28th, 2023, Fair Square Lab (FSL) and Polymath Research Inc. (Polymath) signed an exclusive Memorandum of Understanding (MoU) in order to strengthen FSL’s blockchain technology with the use of security tokens.
Fair Square Lab (FSL) is a blockchain technology firm that provides unique technologies and solutions for the access of security token assets on the blockchain, including issuance and distribution.
When FSL was founded in 2018, the team was focused on blockchain R&D. FSL successfully launched a custody firm called Korea Digital Asset Custody (KDAC) in 2020. KDAC engaged stakeholders, such as Shinhan Bank, Korbit, and Korea Information Certificates Authority, in the project and opened a new path for financial institutions to enter the blockchain world. In 2021, FSL launched a community-based investment platform, Twig, which allows individuals to invest in high-net-worth assets.
Polymath is a global leader in security tokens based in Toronto, Canada. In the early stages, Polymath announced a security token standard on Ethereum, ERC1400(ST20). In October 2021, the team launched Polymesh, an institutional-grade permissioned blockchain built specifically for regulated assets. It streamlines antiquated processes and opens the door to new financial instruments by solving the challenges around governance, identity, compliance, confidentiality, and settlement. Since then, the team has launched Polymath Capital Platform, a frictionless end-to-end platform for tokenizing private securities and real-world assets.
Previously, KDAC proudly announced participation in the Polymesh network as the first Korean network validator.
The main purpose of the strategic alliance between FSL and Polymath is to allow an exchange of experience and technology innovation for optimizing standard token securities in the domestic market and to improve regulations in Korea. Both teams are looking forward to further insightful and practical technical collaboration through the formation of a developer council.
FSL and Polymath’s technology partnership will allow institutions and fractional investment companies to accept standardized security tokens on the blockchain in the near future, allowing Korean investors to broaden their financial scope internationally.
Joon-Hong Kim, CEO of Fair Square Lab said, “We are happy to collaborate with the Polymath team, who are at the forefront of technology when it comes to security tokens. I am looking forward to continuing to strengthen our relationship with Polymath. This partnership allows us to become globally competitive in the marketplace.”
Vince Kadar, CEO of Polymath, said, “We have been paying close attention to the security token regulation landscape in Korea, and we are happy to partner with FSL, who deeply understand security tokens on the blockchain. We are honored to be part of this new beginning within the Korean token security market.”
The above press release was well published in South Korea's major economic news media, including Maeil Business & Finance News.