Republic has selected Avalanche as its blockchain of choice for the launch of Republic Note, a digital asset that allows investors to earn returns from an investment portfolio.
The Republic Note digital investment vehicle — a security token to be listed in a few months — aims to generate profits from a portfolio invested in more than 750 "private assets," according to a statement. The digital asset has attracted more than $30 million in "pre-sale participation" from thousands of individual investors and institutions, the statement also said.
"With Avalanche, the Republic Note is getting the foundation it needs to reach and scale with a global audience of investors," Andrew Durgee, Republic’s president, said in the the statement.
Although not deployed to mainnet yet, Republic Note's price is $0.36 with between 300 million and 350 million distributed during a pre-sale round. The total supply of Republic Note tokens will be 800 million, according to the company's website.
"The Republic Note was engineered to empower Republic community members to share in the financial upside of its portfolio of companies—and to be rewarded for their engagement with, and contributions to, the Republic ecosystem," according to the company's whitepaper.
Since being founded in 2016, Republic said it has deployed "more than $2.6 billion" into privately held ventures like Axiom Space and Dapper Labs.
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