Polymath is a project that aims to create platform for the exchange of security tokens while being legally compliant. POLY, the platform’s native token, is based on Ethereum as an ERC20 token and serves as a gateway to the services offered by the Polymath exchange. The token attempts to enable individuals and institutions to authenticate their identity and provides a bidding mechanism for the issuances hosted on the platform. Issuers can also use POLY to hire smart-contract developers through the platform to work on key aspects of their tokens’ smart contracts. According to the project’s website, the Polymath team is working on a securities token standard called ST20; which seems to be specifically designed for ERC20 tokens. POLY will also be used to pay for fees, including for KYC accreditation, which will be required in order for an investor to get whitelisted for future offerings. The platform also aims to employ governance features through a staking mechanism also based on POLY, and implemented through a number of smart contracts. Most of the development of these smart contracts has been outsourced to SecureBlocks; a Dehli-based Solidity development shop. Partnerships with the Barbados Stock Exchange (BSE) and tZero have been announced to enable the trading of security tokens. It appears that the partnership with the BSE will relate to at least one security token, the Polymath Capital Fund, but it is unclear to us whether all security tokens associated with Polymath will go through the BSE, tZero, or another regulated securities exchange or ATS platform. It is also possible that these regulatory responsibilities could be passed on to the Legal Delegates described in the whitepaper.