Tech firm Republic taps Avalanche for profit-sharing investment note

cointelegraph.com:

Neo-investment and technology firm Republic plans to issue a blockchain-based security token that will pay dividends to retail investors from profits across its broad portfolio of investment holdings.

The Republic Note is a profit-sharing digital asset that will be launched on the Avalanche blockchain, which accrues profits generated from Republic’s wide-ranging investment portfolio and services. Republic has attracted over three million investors and has deployed over $2.6 billion into various ventures, including the likes of Web3 firms Avalanche, DappRadar and Dapper Labs.

Republic has already carried out a presale round for the Republic Note, attracting over $30 million from individual and institutional investors. Dividends from the note are set to be paid out in USD Coin (USDC) to retail investors when the dividend pool reaches a threshold of $2 million.

Related: Over 6,000 participants help Republic Note rocket past $8 million target

Republic has also developed a proprietary Web3 self-custodial, cross-chain wallet that will be used to distribute dividends to Republic Note holders. The notes will not be tradeable digital assets like other cryptocurrency tokens and are set to be listed on select securities exchanges in the next two to three months.

Republic president Andrew Durgee highlighted the selection of Avalanche as its blockchain platform of choice as primarily driven by the company’s ambition to reach and scale a broad audience of Web3 native investors:

The Republic Note has been a work in progress since 2016 when its white paper was first published. Quantstamp has since audited the digital securities offering.

The website for the upcoming digital security lists the price of a single Republic Note at $0.36.