(Bloomberg) — Republic, the largest private investment platform, will issue a digital profit-sharing token on the Algorand blockchain next month as more financial firms begin to embrace cryptocurrencies.
New York-based Republic, with more than 700,000 users, plans to release the token on July 16, Chief Executive Officer Kendrick Nguyen said in an interview. The token gives customers access to profit from only some of the deals done on the platform, he said.
“This dividend, profit-sharing token will be widely available to non-accredited as well as accredited investors,” Nguyen said.
Republic allows so-called non-accredited investors a chance to get in on the startup ground floor with as little as $10, and has grown by over 700% in the last 18 months. Republic users have invested $130 million in more than 200 startups in the last four years — $110 million since the start of 2019, Nguyen said.
The Securities and Exchange Commission requires accredited investors to meet conditions such as having a net worth of at least $1 million and an annual income of at least $200,000. Republic has offered crypto-related investments since 2017, and Nguyen said it’s time to push digital currencies and blockchain projects beyond the enthusiasts they cater to today.
“We aim to drastically move the needle” on crypto adoption, Nguyen said. “Today we have 700,000 users but we aim to have 700 million one day.”
There are signs that blockchain and digital currencies are gaining wider acceptance. River Financial, a startup financial-services firm, said its growth is being driven by “Bitcoin