Republic To Leverage Algorand’s Chain to Build A Digital Security for Startup Investments
A platform dubbed ‘Republic’ has announced it will soon launch its own digital assets based on Algorand’s blockchain. The former allows investors to acquire a stake in upcoming startups; they are now set to tokenize the underlying and have them regulated as digital securities. Algorand on the other hand, prides itself of being a leading provider of Blockchain 3.0 solutions especially for the scalability trilemma.
Kendrick Nguyen, a co-founder of Republic, highlighted that they are optimistic about this move;
🗣️🎉1/ We're excited to share that we've partnered with @algorand and the @algorandfoundation to build the next generations of digital securities! Leveraging their tech, we want to on-ramp hundreds of thousands of people to the space. https://t.co/h9S1o0iyae
— Republic (@joinrepublic) March 17, 2020
The innovation comes at a time financial market stakeholders are looking for alternatives to boost participation. According to the COO of Algorand, W Sean, the equity markets playing field will be leveled for all sorts of investors based on tokenization;
“Republic’s mechanism of allowing anyone to invest in rigorously vetted startups across an array of industry sectors demonstrates a unique approach of leveling the playing field for entrepreneurs and investors of any size.”
So far, Republic has been successful in creating a market where investors and project owners can interact for progress. The firm has helped raise over $65 million in funds within the course of 2019; this together with other proceeds have been allocated to over 150 entities in the last three years.
Algorand’s Blockchain Solution
This distributed ledger service provider was created to tackle shortcomings by Blockchain 1.0 and 2.0. The platform plans to make its Layer-1 fundamental more scalable for businesses and enterprises. Founded by Silvio Micali, this project seems to attracting more prospects as blockchain enthusiasts embrace third generation innovations.
Looking at these fundamentals, a collaboration with Republic is likely to yield significant adoption for both networks. Republic currently enjoys over 500,000 users and are hopeful of greater figures once they integrate with Algorand’s chain.