Algorand and Republic Join Hands to Democratize Investment
Republic, an investing platform and technology services provider, will be building their digital security on top of the Algorand blockchain. This will give both accredited and unaccredited investors more options and flexibility to capture the benefits of the Republic ecosystem. Kendrick Nguyen, the co-Founder of Republic, said the following about the partnership:
“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.”
What is Republic?
As mentioned above, Republic is an investing platform and technology services provider that was founded back in 2016 by AngelList alumni. It is made up of several operating entities and allows anyone to invest in early-stage companies. People can invest as little as $10 in over 170 carefully vetted companies. As of now, Republic has had nearly 500,000 users who have invested over $100 million with a 90% funding success rate. Last year alone Republic raised a staggering $67.5 million from its users. By allowing underrepresented entrepreneurs to raise capital and welcoming investors from all financial backgrounds – Republic is the first private investing platform that is truly for everyone.
What is Algorand?
Created by Turing Award-winning cryptographer Silvio Micali, Algorand is a one-of-a-kind pure proof-of-stake blockchain protocol that allows developers to create scalable blockchain-native solutions for real-world use cases. It aims to remove friction from financial exchange, boost DeFi evolution by enabling the creation and transference of value, build new financial tools and services, bring assets on-chain, and provide responsible privacy models.
The Algorand- Republic Partnership
One of the key features of Algorand’s Alogrand 2.0 upgrade is the Algorand Standard Asset (ASA) technology. ASA allows anyone to create a Layer-1 token or asset on the Algorand network. ASA has the following properties:
Tokens created using the ASA standard inherit all the same features, security, transaction finality, and performance of the primary Algorand token (Algo).
The tokens created using ASA are configurable and can represent virtually anything.
Republic and Algorand believe that a digital security built on top of the Algorand blockchain will allow for easy onboarding of users to the new asset class and the token ecosystem. Republic’s aims to leverage Alogrand’s simplified asset creation, instant financial exchange, and immediate transaction finality to access financial innovation.
W. Sean Ford, COO of Algorand, said about the Republic partnership:
“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. 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.”
Republic is the latest high-profile company/entity to collaborate with Algorand’s platform. Previously, Algorand had partnered up with the Italian Society of Authors and Publishers (SIAE) to create a new platform for decentralized copyright management. Plus, they are also working with the Marshall Islands to launch their national digital currency with the help of SFB Technologies. Algorand’s sustained success shows us that despite the ongoing bear market, projects that are backed by solid principles and technology will continue to thrive.