The native token of a crypto project focused on real-world asset (RWA) tokenization has surged 69% in the past week amid the rollout of a new private blockchain.
Polymesh (POLYX) is a public blockchain purpose-built for RWA tokenization. The project’s native token, POLYX, is trading at $0.415 at time of writing, up from $0.245 one week ago.
The 192nd-ranked crypto asset by market cap is up 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 notes that companies can use the new private permissioned network and then migrate to the public network when ready.
Graeme Moore, head of tokenization at the Polymesh Association, says the new private blockchain will offer “seamless public migration.”
“The vast majority of RWA tokenization by banks and large financial institutions is still taking place on private blockchains. Polymesh Private will meet these players where they are while providing a future-proof tech stack.”
After its gains this week, POLYX is only 16% down from its all-time high of $0.494, which it set back in October 2022.
The token is used for staking, governance and transaction payments on the network.
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