Republic Crypto, the fintech startup, has chosen to launch its Republic Note (R/Note) security token on Avalanche’s blockchain. The digital asset represents a tokenized stablecoin profit-sharing security among investors participating in the company’s venture portfolio.
Security Token: Republic Crypto on Avalanche to share the company’s venture profits
Fintech startup Republic Crypto has decided to use Avalanche’s blockchain to launch its profit-sharing security token: Republic Note (R/Note).
Security Token: How does Republic Note work on Avalanche?
In practice, the new R/Note will be the vehicle through which Republic will distribute stablecoin dividends to investors who have participated in the company’s venture investment portfolio.
That profit-generating portfolio sees the company’s venture investment in more than 750 private assets.
Republic’s profit-share security token will be listed in a few months, while it has already attracted more than $30 million in “presale,” from thousands of individual and institutional investors.
Specifically, although not yet mainstream, Republic Note is priced at $0.36, with between $300 million and $350 million distributed during a presale round. While the total supply of Republic Note tokens will be 800 million.
In this regard, Andrew Durgee, president of Republic, said:
“With Avalanche, the Republic Note is getting the foundation it needs to reach and scale with a global audience of investors.”
The price of AVAX
Over the past seven days, the price of Avalanche (AVAX) has risen +23%, standing at $22.40 at the time of writing.
The 13th largest crypto by market capitalization, it now has a total market cap approaching $8 billion.
Last Friday, on the day of publication of the news regarding Republic Note’s security token, AVAX reached as high as $24.51.
In late October, the wstETH crypto asset belonging to the Lido ecosystem was brought to Avalanche’s blockchain with the help of the Layer Zero interoperability platform.
With this, Avalanche thus began to support one of the most widely used coins in the DeFi context of liquid staking, helping to attract capital to the network. At that time, AVAX was worth $11.
Source: https://en.cryptonomist.ch/2023/11/20/security-token-republic-crypto-avalanche-blockchain/