Crypto startup investment company Republic has selected Avalanche as the blockchain to launch its native token, the Republic Note, as part of its mission to democratize private market investing.
According to an announcement seen by CryptoPotato, Republic chose Avalanche for the launch due to the network’s scale, speed, and customizability, with intentions to expand its footprint to a subnetwork next year.
Republic Picks Avalanche for Token Launch
The Republic Note has accumulated over $30 million in pre-sales from thousands of individual and institutional investors. The soon-to-be-launched token will aid the distribution of profits generated from Republic’s portfolio of over 750 private assets to holders in stablecoins.
Launched in 2016, Republic has created a global community of over three million members who have deployed over $2.6 billion in many private ventures, including Dapper Labs, Carta, and Axiom Space. The company disclosed its intentions to launch the Republic Note in 2018 to widen access to crypto startups. The token is backed by Republic’s portfolio.
Commenting on the Republic Note’s upcoming launch, Andrew Durgee, Republic’s President, said:
“With Avalanche, the Republic Note is getting the foundation it needs to reach and scale with a global audience of investors. Choosing Avalanche goes far beyond the network’s strength, scale, and speed—it solidifies our longstanding partnership with Ava Labs, built on a shared vision of more inclusive financial markets.”
Improving Transparency Through Tokenization
Republic believes that democratizing access to investments through tokenization will reduce costs, improve transparency, and increase efficiency throughout the asset management lifecycle. The company and Ava Labs, the developer of the Avalanche network, are keen on digitizing assets and tapping into the tokenized asset ecosystem, which is predicted to be worth tens of trillions of dollars by 2030.
Avalanche, on its part, supports numerous applications with over 1,400 validators and has continued to expand since its inception in 2020.
“Avalanche is the ideal platform to support the Republic Note’s exciting launch. Ava Labs’ collaboration with Republic showcases mutual commitment to developing innovative digital financial products. We are excited for a wider range of investors to have the chance to choose from new opportunities and anticipate a transformative era on the horizon for groundbreaking digital assets,” said John Wu, president of Ava Labs.