Pennsylvania’s Ben Franklin Tokenizes Philadelphia Investment Fund, Go Philly Fund
Pennsylvania-based Ben Franklin Technology Partners has decided to reap the benefits of blockchain technology.
With several big companies going for blockchain technology recently, it doesn't, therefore, require an explanation as to why Ben Franklin is taking steps.
The venture capital firm has now released a blockchain-based onboarding and tokenization platform. The platform specifically will be for issuing as well as managing digital securities on the Ethereum (ETH) blockchain. The Global Opportunity Philadelphia Fund or specifically Go Philly Fund will be responsible for distribution of tokens to the qualifying investors and has been dubbed as ‘Go Philly Tokens.'
Go Philly Fund
Ben Franklin has invested over $200 million into over 2,000 emerging technology projects in the region.
The released platform enables limited partnership interest in the Go Philly Fund to be represented as Go Philly Tokens which are compliant with ERC-20 standard. Moreover, the platform contains Know Your Customer (KYC) as well as Anti-Money Laundering (AML) procedures together with accredited investor compliance.
The program aims to use blockchain technology to raise as well as distribute capital which will, in turn, seed-stage various companies in the region.
The fund will help investors to gain exposure to different companies as well as subsequent emerging technologies that they delve in. Reason being, blockchain technology will facilitate the investors to be privy of the high levels of transparency as well as efficiency.
The Tokens Availability
The tokens are now available at GOPhillyFund.com, and will be issued electronically by the fund at the offering price will be $0.50 per Go Philly Token.
Besides, subscriptions for the tokens are available for purchase via the platform by individual investors with either U.S. dollars, Bitcoin (BTC) or Ether (ETH). Moreover, the prospective investors must apply to subscribe for a minimum buy-in of $250,000 or simply an equivalent amount in ETH or BTC.
According to Scott Nissenbaum, Ben Franklin's Chief Investment Officer the Go Philly Fund intends to maximally utilize the rapidly emerging standard technologies to streamline as well as manage investor interests in the fund.
The Go Philly Fund has raised over $15 million and is seeking to provide up to $50 million of capital alongside venture capital firm Ben Franklin's investments.
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