Tokeny has successfully helped Enegra migrate its EGX security tokens from Ethereum to Polygon. End-users now benefit from faster, cheaper and compliant transactions which ultimately improves liquidity and accessibility of the assets.
Luxembourg — 5th November 2021 — Tokeny, an asset tokenization and compliance infrastructure provider, has successfully helped Enegra Group Ltd (“Enegra”), a commodities trading firm with approximately $28 billion in net asset value (NAV), migrate its equity-tied EGX security tokens from Ethereum to Polygon.
The migration enables faster end-to-end transfers of EGX security tokens with near-zero transaction fees on Polygon and puts EGX tokens on a pathway to attract global top 20 token market cap status.
In September 2019, Enegra tokenized 100% of its equity and issued EGX equity-backed digital security tokens via Tokeny’s T-REX Platform. Enegra decided to switch to Polygon to address Ethereum’s mounting gas fees and slow transaction speed and improve liquidity for EGX token holders.
The EGX tokens were issued through the T-REX security token standard, now recognized as the ERC3643 by the Ethereum community. Thanks to the cross-chain compatibility of the standard, the migration to Polygon from Ethereum was seamlessly managed over a few days, and investors were able to retain the same wallet address for holding their EGX tokens. After the migration, investors were able to interact immediately with their tokens on Polygon via the same platform but without prohibitive gas fees.