Republic – a platform enabling investment to early-stage firms – has reportedly disclosed details to its initiative for releasing its self-developed crypto asset based on Algorand’s blockchain. 

Specifically, the digital asset will function as a gateway for the general audience to access to the success or failure of Republic, via investment. 

“We are excited to be using their cutting edge blockchain technology to enable the creation of a new dynamic digital asset,” Republic co-founder Kendrick Nguyen reportedly shared his remarks regarding Algorand on March 17th. 

Utilizing the assistance received from its private investor pooling division, Republic has provided support to early-stage projects in securing an estimated number of $67 million in funds last year, along with helping over 170 businesses raise investment, within a 3-year timeframe. 

The crypto asset will be classified as a security, as revealed by Republic associate general counsel and partner Jed Halfon. 

“Republic’s mechanism of allowing anyone to invest in rigorously vetted startups across an array of industry sectors demonstrates a unique approach of leveling the playing field for entrepreneurs and investors of any size,” Algorand COO W. Sean Ford reportedly shared his remarks regarding the development. 

Despite the uncertainty in regulation concerning the final status of numerous crypto assets to be determined as securities or not at the moment, Algorand’s blockchain-based asset of Republic will reportedly be classified as digital security.