Fintech firm Republic to launch its digital asset on Avalanche

Republic, a New York-based financial technology and investment firm backed by Morgan Stanley and Hashed, among other major investors, will launch its upcoming profit-sharing digital asset on the Avalanche blockchain.

The fintech platform announced this in a press release shared with Invezz on Friday.

Republic’s digital asset to launch on Avalanche

Republic's digital asset, Republic Note, was first mooted in 2018. It's a portfolio-backed asset that allows investors to earn from profits accrued aross the company's investment portfolio.

Per details shared in today's announcement, the launch of Republic Note is “a pivotal step” in the company's quest to “democratize private market investing.” The launch on Avalanche (AVAX) is part of firm’s plans to gain more traction, which will incude a dedicated Subnet next year.

Avalanche's scalability, transaction speed, and customizability informed Republic's decision to pick the smart contracts platform from among the many in the ecosystem. The firm believes this development will help accelerate the adoption of Republic Note, particularly with Avalanche’s growing tokenized asset ecosystem in a market projected to grow into tens of trillions of dollars by the end of 2030.

Profits to be paid in stablecoins

The Republic Note will allow retail investors accrue profits from Republic’s portfolio of over 750 private assets. According to the fintech platform, these profits are distributed to investors’ crypto wallets in stablecoins.

Interest in the digital asset has seen the Republic Note presale attract thousands of participants – with over $30 million raised from individual investors to institutions – the company stated in the press release.

Republic was established in 2016 and has reportedly helped its community deploy more than $2.6 billion through various private ventures. Among top projects are Axiom Space, Dapper Labs, and Carta. 

Apart from Morgan Stanley and Hashed, the platform has received investment backing from Valor Equity Partners, Galaxy Interactive, and AngelList among other institutions.