Republic Crypto, a fintech startup, has opted to launch its Republic Note (R/Note) security token on Avalanche’s blockchain. This digital asset represents a tokenized stablecoin profit-sharing security among investors participating in the company’s venture portfolio.
How Republic Note Works on Avalanche
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. The 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, having already attracted over $30 million in “presale” from thousands of individual and institutional investors. The Republic Note is currently priced at $0.36, with between $300 million and $350 million distributed during a presale round, and the total supply of Republic Note tokens will be 800 million.
Andrew Durgee, the president of Republic, stated, “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
In the past seven days, the price of Avalanche (AVAX) has increased by +23%, reaching $22.40 at the time of writing, with a total market cap approaching $8 billion. On the day of the news regarding Republic Note’s security token, AVAX reached as high as $24.51. In late October, the wstETH crypto asset from the Lido ecosystem was brought to Avalanche’s blockchain with the assistance of the Layer Zero interoperability platform when AVAX was worth $11.
Hot Take: Avalanche Empowers Republic’s Profit-Sharing Token
Republic Crypto’s decision to launch the Republic Note (R/Note) security token on Avalanche’s blockchain exemplifies the increasing support for innovation in the crypto sphere. With the promising rise of AVAX and the substantial interest garnered in the presale phase, it’s evident that investors are eager to explore new opportunities for profit-sharing security tokens.
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