A San Francisco based venture capital firm, Andra Capital announced its plan to issue Silicon Valley Coin (SVC). In collaboration with Tezos Foundation, SVC will be issued on TokenSoft’s platform and will use Tezos blockchain.
Tezos is a blockchain that supports secured and smart contracts with several features, making it capable enough to hold high-value digital assets without having to comprise digital security. The smart contracts use the institutional level of security that includes the initial formal verification, an advanced technique that needs a high level of correctness.
Andra Capital’s technology fund allows investors to invest in the fund traditionally. Later on they have an option of taking the delivery in the form of blockchain-based tokens, the Silicon Valley Coin. Sam Raman, the head of Strategic Partnerships at Andra Capital said,
“The TokenSoft platform provides the technology for qualified retail investors to participate in desirable, late-stage, pre-IPO technology venture companies, and we have partnered with the best-in-class providers including the Tezos Foundation for its expertise in digital securities for the Silicon Valley Coin offering.”
Alison Mangiero, the President of TQ Tezos, also brought in her view on the collaboration with the Andra Capital. She said,
“I am thrilled to see venture capital firms embrace digital securities, which allow them to easily and compliantly offer global investors access to a historically exclusive asset class.
On the similar lines, Mason Borda, CEO of TechSoft, said,
“We’ve seen significant demand from issuers seeking to issue on the Tezos blockchain due to its institutional-grade qualities. With Silicon Valley Coin’s availability in 50+ countries, Andra is showcasing the benefits of a globally accessible blockchain. TokenSoft takes pride in delivering an automated investor onboarding experience tailored to each jurisdiction and supporting transfer restrictions for ongoing administration.”
XTZ Price Rallies Then Falls
On the last 24HR time frame, XTZ price started rallying from $1.52 levels all the way to $1.64 for a gain of +8%. Despite that run, XTZ started selling-off with the rest of the market. Tezos price now sits around $1.553 at the time of this reporting, which equates to -3.43% the last 24HR.
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