The native token of a crypto project focused on tokenizing real world assets (RWA) has soared 69% over the past week amid the rollout of new private blockchains.
Polymesh (POLYX) is a public blockchain purpose-built for RWA tokenization. POLYX, the project’s native token, is trading at $0.415 at the time of writing, up from $0.245 a week ago.
The crypto asset, ranked 192nd by market capitalization, rose 7% in the past 24 hours.
On Monday, the project announced the launch of Polymesh Private, a confidential version of the network's public permissioned blockchain. Polymesh points out that businesses can use the new private permissioned network and move to a public network when they are ready.
Graeme Moore, head of tokenization at the Polymesh Association, says the new private blockchain will offer “seamless public migration.”
“The majority of RWA tokenization by banks and large financial institutions is still done on private blockchains. Polymesh Private supports these players wherever they are while providing a future-proof technology stack. Masu.”
After this week's rally, POLYX is down just 16% from its all-time high of $0.494 set in October 2022.
Tokens are used for staking, governance, and payment of transactions on the network.
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