Next-generation investment and technology firm Republic has announced plans to issue its upcoming digital asset on the Avalanche blockchain network.
Called Republic Note, the digital asset will serve as a form of dividend payout for investors who tap into the extensive portfolio of the Republic investment infrastructure.
Providing more context on a tweet on X (formerly Twitter), the firm stated that Republic Note is its flagship investment product.
With this dividend-paying digital token, users will be able to access its 750+ private equity portfolio.
We’re excited to announce that Republic Note will be launching on @avax.
This is a major milestone that marks the final leap before the Note’s market listing.
Details ↓
If you’re new:
Republic’s flagship investment product — the Republic Note — is a novel, dividend-paying… pic.twitter.com/yTnyXcS11y— Republic Note (@republicnote) November 17, 2023
Currently on offer for $0.36, the Republic Note boasts over $900,000 in its dividend pool size. Dividends are expected to be shared using Circle’s USDC stablecoin once it hits the $2 million threshold.
Furthermore, the digital token secured over $30 million from both private and institutional investors in the early days of its launch. 290,000 plus community members are currently signed up for the crypto-based program when it fully enters the market.
Once the digital token begins trading, users will have access to a maximum token supply of 800 million of the blockchain-based security tokens. For now, about 372 million of these digital tokens are currently in circulation.
Although the Avalanche network does not enjoy the industry-wide fame of the Ethereum protocol, the layer-1 blockchain protocol has unique benefits, as the Republic technology firm pointed out.
Avalanche brings scale and speed as it holds the record for the fastest blockchain protocol in terms of block-to-finality throughput.
Republic also pointed out the immense amount of flexibility it enjoys on the Avalanche blockchain, as well as its eco-friendliness.
Lastly, it stated that the protocol’s launch of a dedicated subnet for the Note token, expected in 2024, has swayed its decision-making process towards the Ethereum rival.
Republic is on a mission to democratize private market investing.
Now, @joinrepublic has chosen Avalanche for the launch of its profit-sharing digital asset, the Republic Note. https://t.co/8Un853rWGh
— Avalanche
(@avax) November 17, 2023
Making a case for the Avalanche protocol, Republic’s President Andrew Durgee stated that the partnership goes beyond what is obtainable on the surface.
Instead, the partnership is more attuned to its long-term vision of creating inclusive financial markets for different investor personas, and Avalanche blockchain suits that vision.
Not Your Regular Crypto Asset
While it runs on a distributed ledger technology (DLT), Republic Note is not a regular crypto asset like Bitcoin.
The digital asset will not be speculated on regular crypto exchanges but will be deployed on specific platforms.
Providing the needed details, the Republic team said the digital asset would be launched on INX, a US-regulated secondary trading platform for decentralized assets.
However, there is no definitive date when the asset will hit the public markets. Nonetheless, the platform token is expected to launch on INX and other special securities exchanges within the next two or three months for a culmination of its vision.
The Republic Note joins the ranks of industry giants like the Blockstream ASIC Note (BASIC), which made its public entrance in August of this year after partnering with Luxembourg-based STOKR.
Like most securities tokens, it grants users access to digital securities payable in Bitcoin. These digital securities are pooled together to purchase ASIC mining machines to create new Bitcoin.
Update: The first series of Blockstream ASIC Note (BASIC) has successfully closed! We thank investors for their support in bringing this #bitcoin-denominated vehicle to market and are excited about the next steps for those seeking a bitcoin-on-bitcoin return. pic.twitter.com/MJYZDbU4Sv
— Blockstream (@Blockstream) November 2, 2023
BASIC recently concluded the first series of its presale stage.
The post Republic Plans to Pay Users’ Dividends on Avalanche Blockchain appeared first on Cryptonews.
#BlockchainNews [Source: CryptoNews]