Distributed ledger platform IOTA unveiled its partnership with tokenization platform Tokeny aimed at incorporating enterprise-level tokenization and on-chain compliance technology into its Ethereum Virtual Machine (EVM). This collaboration will facilitate businesses to innovate securely and efficiently by utilizing blockchain.
Tokeny offers enterprise-grade tokenization solutions that enable financial entities to release, manage, and distribute real-world assets (RWA) and securities compliantly on blockchain platforms.
Through this collaboration, firms and builders wishing to tokenize their funds on IOTA EVM will have the option to execute transactions with automated compliance checks and full control over digital assets. The partnership is aimed at facilitating efficient management and transfer of digital securities and guaranteeing adherence to rigorous compliance standards.
IOTA EVM enables the deployment and management of smart contracts on the IOTA network. Tokeny integrates its compliance infrastructure for digital assets into the IOTA EVM. Using the ERC-3643 open-source suite of smart contracts, it facilitates the issuance, management, and transfer of permissioned tokens, incorporating automated on-chain compliance checks to restrict transactions to verified investors. Such capability is essential for upholding strict regulatory requirements and allows issuers to maintain control over their tokens, including the capability to freeze or recover them as needed.
Exciting news! #IOTA has teamed up with @TokenySolutions to integrate enterprise-level #tokenization and on-chain compliance into IOTA EVM. This enhancement empowers businesses to innovate securely and efficiently!
Learn more: https://t.co/NJbUD2kTqV pic.twitter.com/2CJDAsxIVi
— IOTA (@iota) July 4, 2024
IOTA: What Is it? Introducing EVM Network Focused On Decentralized Finance And Real-World Assets
It is a distributed ledger technology (DLT) that enables individuals to maintain sovereignty over their private data, execute tamper-proof programs, and participate in asset ownership and trading without intermediaries. DLTs operate by maintaining a synchronized record of token ownership across numerous nodes.
It introduced its EVM network last month, highlighting its specialization in decentralized finance (DeFi) applications and the utilization of RWAs. The network implements features encompassing smart contracts, cross-chain capabilities, parallel processing, and protection against Maximal Extractable Value (MEV) within the IOTA ecosystem, enhancing IOTA token foundational capabilities.
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