Binance Labs led a US$12 million financing round together with NEO Global Capital (NGC) ECO Fund in a retail investment platform Republic to finance their tokenization and to help them introduce their own security token.
The round of financing also included participation from East Chain Co, Oyster Ventures, FBG Capital, Hazoor Capital, ZK Capital, ZhenFund, and others.
Launched in 2016, New York-based Republic is an investment platform providing retail investors around the world with compliant access to curated startups and blockchain projects.
Kendrick Nguyen, CEO of Republic in the statement.
“Underlying our goal of becoming the marketplace for private investing is our mission to promote broad, diverse participation in all forms of entrepreneurship. The global crypto fever has moved the needle forward almost overnight, but it has also introduced new regulatory and business complexities.
We believe cross-border collaboration is necessary to navigate these complexities and help the industry grow quickly, but responsibly. Republic is delighted to have influential partners and investors from different regions of the world join forces on this shared vision”
Binance Labs is a part of the multi-language crypto exchange Binance – a blockchain technology incubator, focusing on pre-ICO projects and teams. It recently announced plans to establish a US$1 billion fund for blockchain projects.
Republic started to offer token sales late last year to accredited and non-accredited investors. Dozens of crypto projects have been supported by tens of thousands of investors globally.
The platform is now looking to tokenize all financial products, and it plans to use its token to provide economic rights in addition to functional uses.
Tony Gu, the founding partner of NGC said,
“Republic has demonstrated their capability of choosing credible projects and keeping the process transparent and compliant with rules and regulations. NGC believes transparency and compliance are critical factors for mainstream adoptions of crypto assets and blockchain technologies. Hence, we’re excited to support Republic’s tokenization effort and, as an early investor, we look forward to working with Republic and its partners in setting a new standard for open and compliant token offerings.”
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