Republic chooses Avalanche blockchain for its Republic Note token

2023-11-18 08:30

Republic aims to leverage Avalanche’s features for global scalability. Republic Note has already attracted over $30 million in pre-sale participation. The move could potentially help stop the current AVAX price drop.

Investment platform Republic has selected Avalanche as the blockchain for its Republic Note token.

The move is part of Republic’s strategic vision to leverage Avalanche’s strengths for global scalability.

What is Republic Note?

Republic Note allows investors to earn returns from a diverse portfolio of over 750 private assets. The digital asset, not yet deployed to the mainnet, has already garnered significant interest, with over $30 million in pre-sale participation from individual and institutional investors.

Republic President Andrew Durgee highlighted Avalanche’s role in providing the foundation needed for Republic Note to reach a global audience of investors. The choice of Avalanche is strategic, considering its innate features, including the ability to set up controllable subnets. These subnets, highly customizable side chains, play a crucial role in optimizing for regulatory compliance associated with being a digital security.

Republic’s profit-sharing approach

Republic Note is designed to share profits generated from Republic’s extensive venture portfolio with investors. It plans to distribute up to 25% of the dividend pool to token holders, emphasizing a profit-sharing model.

The token’s price during the pre-sale round was $0.36, with a total supply capped at 800 million.

A potential boost for AVAX price

Republic’s move to launch Republic Note on Avalanche could have implications for AVAX price. The strategic partnership between Republic and Ava Labs and Republic Note’s unique profit-sharing model might instil confidence in AVAX investors, potentially mitigating further price declines.

AVAX price today plummeted to a low of $20.18 losing more than 10% in value before the Republic Note announcement was made. After the announcement, the price recovered about 3% with the price rising to $20.52 at press time.

The post Republic chooses Avalanche blockchain for its Republic Note token appeared first on CoinJournal.

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