Why is Polymath (POLY) crypto rising? know price & performance

June 08, 2022 01:43 AM AEST | By Rupam Roy
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  • Polymath is a security token platform that offers technology to create, issue, and manage tokens on the blockchain.
  • The POLY token is available for trading on exchanges like Binance, Upbit, etc.
  • It returned gains of 21.77% in the last seven days.

The Polymath (POLY) crypto price surged over 6%, while its volume skyrocketed more than 287% in the last 24 hours to Tuesday morning amid a decline in the broader market.

The global crypto market cap dropped 5.35% to US$1.22 trillion, while its one-day volume rose 17.43% to US$79.70 billion in the trailing 24 hours.

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Let’s discuss what is Polymath (POLY) crypto?

Polymath is a security token platform that offers technology to create, issue, and manage tokens on the blockchain space.

It claims to be a pioneer in creating a unified standard security token on the Ethereum network, ERC 1400. It said it has already deployed more than 200 tokens using the ETH-based solution.

Polymath also has created the Polymesh, an institutional-grade blockchain for regulated assets, to address the capital market’s regulatory issues.

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Polymath intends to change the outdated financial processes by resolving the inherent challenges, such as "identity, compliance, confidentiality, governance, and settlement", while opening new opportunities for the public.

Polymath’s native token, POLY, is available for trading on exchanges like Binance, Upbit, Coinbase, etc.

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Although there are opportunities, Polymath faces challenges in the token’s institutional adoption. It aims to address these issues through Polymesh, which it claims to be the first specialized chain for regulated assets.

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Polymath (POLY) crypto price and performanceData Source: CoinMarketCap.com

Bottom line:

The POLY token was priced at US$0.2887 at 10:08 am ET on June 7, up 6.54%, while its volume for the last 24 hours skyrocketed 287.26% to US$164.59 million. It has a market cap of US$258.94 million, and its fully-diluted market cap is US$288.42 million.

The crypto has a total supply of 1 billion, and its current circulating supply is 898.76 million. It returned gains of 21.77% in the last seven days.

The highest and lowest price of the POLY token for the last 30 days was US$0.3309 and US$0.1472, respectively.

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