2018-06-08 — coindesk.com
Revealed exclusively to CoinDesk, Republic, a crowdequity platform that can help ICO issuers manage token sales that was spun out of AngelList, has raised $12 million in commitments for a token presale.
Led by Binance Labs, the investing division of cryptocurrency exchange provider Binance, and NEO Global Capital, an affiliate of the public blockchain project of the same name, the round also drew support from East Chain Co., Jeffrey Tarrant and Passport Capital. (Investors purchased both the new crypto token and equity in the company.)
Looking ahead, the initial raise is part of Republic's interest in ultimately raising as much as $92 million total selling its crypto token, with a yet to be announced public sale.
According to Republic co-founder Kendrick Nguyen, the token will be used to incentivize users to take an active interest in their investments, by allowing Republic to potentially provide access to ICO deals and offer a share in the revenue earned by the company as it grows.
"We will be doing a combination of Reg D, Reg S and Reg A+ to make sure our tokens are widely available, irrespective of income or net worth in the U.S. and beyond," Nguyen said, adding:
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