Pennsylvania’s Ben Franklin Is Tokenizing an Investment Fund, Go Philly Fund

by | Apr 12, 2019 | Blockchain, Cryptocurrency, Cryptocurrency News

Pennsylvania | Ben Franklin | Go Philly Fund | Blockchain | Securitize
Ben Franklin, a capital provider with over three decades of experience in the Philadelphia area has joined hands with California-based token platform Securitize to reap the benefits of the blockchain technology. 
 
Ben Franklin will be rendering services from Securitize to host a digital security offering. The Global Opportunity Philadelphia Fund or Go Philly Fund will see the distribution of tokens to qualifying investors. The said token will be issued on the Ethereum blockchain and is dubbed as  ‘Go Philly Tokens’. 

GO Philly Fund

The Go Philly Fund was launched in February with a $15 million funding by the Ben Franklin Technology Partners of Southeastern Pennsylvania, one of four regional outposts formed by the Pennsylvania Department of Community and Economic Development in 1982. 

The program is aimed at using blockchain technologies to raise and distribute capital that will, in turn, seed-stage companies within the Philadelphia area. With the fund, investors could gain exposure to various companies and the subsequent emerging technologies they delve in. As for blockchain technology will facilitate investors to be privy of high levels of transparency and efficiency. 

The Chief Investment Officer of Ben Franklin, Scott Nissenbaum, commented in the press release, about the usage of blockchain:

“The GO Philly Fund intends to utilize rapidly emerging standard technologies to streamline and manage investor interests in the fund…Through the use of blockchain technology, we are now facilitating and streamlining individual investor participation from around the globe while allowing for cryptocurrency to be accepted.”

 Securitize CEO and co-founder Carlos Domingo told CoinDesk via a spokesperson:

“GO Philly Fund has been a trailblazer, not only in the blockchain space, but also as an impact fund. We are proud to be partnering with them as their technology provider.”

The GO Philly Token is built on top of the ethereum blockchain and is available for purchase by accredited investors at $0.50 apiece, in dollars, bitcoin or ether. However, the token’s minimum buy-in is $250,000.  GO Philly is purportedly looking to raise another $35 million by selling GO Philly Fund tokens to accredited investors. 

Read more: Tata Consultancy Services Powers Blockchain-Based Cross-Border Securities Settlement

Image Source: Stock Photo Secrets 

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