Republic, the private investment platform, will be releasing a digital profit sharing token on the Algorand blockchain next month as more financial firms adopt cryptocurrencies.

republic The New York-based company with more than 700,000 users plans to issue the token on July 16, CEO Kendrick Nguyen (Viet Kieu) said in an interview. The token gives customers access to profits from all transactions made on the platform, not just those they may have allocated funds to.

“This dividend and profit sharing token will be made available to both non-accredited and accredited investors”said Kendrick.

Republic gives so-called “non-accredited” investors the chance to get into the startup for just $ 10 and has grown more than 700% in the past 18 months. Republic users have invested $ 130 million in more than 200 startups over the past four years – $ 110 million since early 2019, Kendrick said.

The Securities and Exchange Commission (SEC) requires accredited investors to meet conditions such as a net worth of at least $ 1 million and an annual income of at least $ 200,000. Republic has been offering crypto-related investments since 2017, and Kendrick said it was time to push digital currencies and blockchain projects beyond the enthusiasts who serve them so far.

“We want to drive crypto adoption, today we have 700,000 users, but we aim to make $ 700 million a day,” said Kendrick.

There are signs that blockchain and digital currencies are gaining wider adoption. Its growth is being driven by the group of 55+ bitcoin boomers, says River Financial, a financial services startup. Reddit, one of the most popular U.S. destinations, has an agreement with Ethereum over a token offering. PayPal and Venmo will offer direct sales of cryptocurrencies.

While accredited investors will be able to buy tokens starting July 16, non-accredited investors will have to wait for Republic to SEC certification. Unaccredited investors may show signs of interest that will allow them to purchase tokens once the SEC is eligible for the Republic’s filing, Kendrick said.

Republic is limited to $ 8 million, which is roughly equivalent to 66.67 million tokens ($ 0.12 / token). This money will be used to develop and maintain the digital token and find new deals to invest in.

Previously, only accredited investors, 3% of all investors in the U.S., could benefit from early access to both traditional and crypto projects, Kendrick said. Cryptocurrencies are still unknown to those who want to own shares in IBM.

“Token Republic will change everything that the blockchain industry has to do.”

An accredited investor is a natural or legal person who is authorized to trade in securities and is not registered with the tax authorities.

Accredited investors have these privileges if one (or more) of the income, net worth, asset size, corporate governance or professional experience requirements are met.

In the United States, the term is used by the US Securities and Exchange Commission (SEC) under Regulation D to refer to investors who are financially savvy and who do not need much information and record security like ordinary investors.

To become an Accredited Investor, an individual must have an annual income greater than $ 200,000 or $ 300,000 in general income in the past two years and expected to have the same or greater income in the current year. A person is also considered an accredited investor if they have net worth greater than $ 1 million, whether as an individual or as joint income with a spouse.

According to the Bloomberg

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