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Ben Franklin Technology Partners, a state-backed venture capital firm, has set up a platform for the integration and creation of tokens based on a chain of blocks. The development was revealed in a blog post on Thursday, April 11th.
Ben Franklin Technology Partners is an initiative of the Pennsylvania Department of Community and Economic Development, which has invested more than $ 200 million in more than 2,000 emerging technology projects in the Philadelphia area. Today, the organization has launched a blockchain platform for the issue and management of digital values on Ethereum blockchain (ETH), specifically "GO Philly Tokens".
According to the publication, the new platform allows limited partnerships of the Global Opportunity Philadelphia Fund (GO Philly Fund) to be represented in the form of GO Philly digital tokens in compliance with the ERC-20 standard. The platform also contains the KYC (Know Your Client) and Anti Money Laundering (AML) procedures as well as accredited investor compliance. Scott Nissenbaum, Ben Franklin's chief investment officer, said:
"The GO Philly Fund intends to use emerging standard technologies to streamline and manage the interests of investors.But through blockchain technology, we facilitate and streamline the participation of individual investors around the world while enabling the acceptance of cryptocurrency. "
The fund would electronically issue tokens, with subscriptions to be purchased via the platform by individual investors, either in US dollars, or in Bitcoin Digital Currency (BTC) and ETH.
Earlier this week, Cointelegraph announced that Facebook would seek support from various venture capital firms for the development of its supposed digital token. Quoting sources close to the case, the New York Times' technology journalist, Nathaniel Popper, said Facebook was looking for a billion dollars to develop its cryptocurrency project.
Jalak Jobanputra, founding partner of Future Perfect Ventures, said in February that the crypto bear market had deeply affected venture capital firms. When asked if there was a trend towards evaluating discounted companies in the digital currency sector, Jobanputra said: "Given the lower volumes recorded over the past year, in the last year, I would not be surprised if valuations are falling on secondary markets. for some of these companies. "
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