Private investing platform Republic that allows anyone to invest in private startups, is going to build a first-in-class digital security on Algorand blockchain to facilitate investors through a new token ecosystem.
Algorand Foundation announced the news in a press release published Tuesday, March 17. Algorand foundation said that the both companies, Republic and Algorand, the technology company that built and developed the world’s first open, permissionless, pure proof-of-stake blockchain protocol, believe that a digital security built on the Algorand blockchain will bring excitement and energy to the digital security space, while onboarding users to the new asset class and the token ecosystem.
Kendrick Nguyen, co-Founder of Republic, stated:
“Algorand provides incredible strategic value and support to the Republic Ecosystem. We are excited to be using their cutting edge blockchain technology to enable the creation of a new dynamic digital asset.”
Republic is a private investing platform, founded in 2016, that lets anyone to invest as little as $10 in private startups and earn a return if the startup succeeds. According to the press release, the company has raised capital for over 170 startup, raising ~$67.5 million of investment for startup last year alone. The platform has established itself as a pioneer in the growing private investment space and has onboarded 500,000 users. The platform claims that over $100,000,000 has been invested by its users with 90% success rate.
The Algorand Foundation further said that the new proposed security asset will open new ways for accredited and unaccredited investors to capture the upside of Republic’s Ecosystem. “With Algorand’s simplified asset creation, instant financial exchange, and immediate transaction finality, Republic is leveraging technology at the forefront of open financial innovation,” said the Algorand Foundation.
Algorand Inc. is a technology company behind Algorand Blockchain protocol that aims to remove friction from DeFi by building new financial tools and bringing new financial asset on-chain. W. Sean Ford, COO of Algorand, commented:
“Republic’s mechanism of allowing anyone to invest in rigorously vetted startups across an array of industry sectors demonstrates a unique approach of levelling the playing field for entrepreneurs and investors of any size. This mission is very much aligned to the Algorand platform, which is an open blockchain where anyone can participate. We look forward to seeing Republic use an advanced blockchain as they bring even broader access to their diverse community.”