The New-York based, open-investment platform Republic announced on March 17th its proposition to develop digital security on Algorand. Republic and the open-source PoS blockchain protocol Algorand, share a common goal for comprehensive decentralized financial options for everybody. They plan to use their valuable technical base to build new generation services.
The private investing platform Republic was founded in 2016 and has become a leading services provider that enables inclusive investment opportunities. Republic allows everybody, regardless of net worth or income, to invest in futures and currently has more than 500,000 users, who have invested approximately $100,000,000.
In three years Republic has managed to secure capital for more than 170 startups, through its private syndication and crowdfunding divisions. In the course of last year, the investment platform has facilitated $67.5 million, making it a leader in the ever-growing private investment sector. As for the new collaboration with Algorand, it will create innovative means for both accredited and unaccredited investors to benefit from Republic’s ecosystem.
Kendrick Nguyen, Co-Founder of Republic commented on 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.”
The two companies share the vision that a digital security that relies on the Algorand blockchain will energize the digital security sector. Algorand is the main technical driving force behind the new asset, which is the premier permissionless, genuine proof-of-stake blockchain protocol. In this partnership, Algorand brings streamlined asset creation and immediate transaction finalization.
As mentioned in previous articles, the Algorand open-source proof-of-stake blockchain protocol relies on the ideas of the Turing Award-winning cryptographer Silvio Micali and enables the creation of new financial services, exchange of value and provides accountable privacy models.
Algorand’s COO, W. Sean Ford also chared his thoughts on the partnership with Republic:
“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.”