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Assure Services has purchased more than 700 asset names on the Ravencoin platform. The purchase comes with plans to tokenize funds and offer unspecified blockchain-based services.
How Ravencoin Assists in the Push for Security Tokens
Assure Services made waves throughout the Ravencoin community after announcing the purchase of over 700 asset names just 7 days after the Ravencoin asset layer activation.
Ravencoin is a peer-to-peer, decentralized, open source fork of Bitcoin designed to “carry statements of truth about who owns what assets”. Financial expert, developer, and Ravencoin whitepaper co-author Bruce Fenton has repeatedly classified Ravencoin as an ‘experimental’ project with one of its primary purposes entailing security tokens.
Many predict security tokens to become the next wave of capital markets, reforming the entire traditional security structure. Benefits— including increased liquidity and fractionalized ownership— are advantageous for both investors and businesses, which you can read more about in our complete guide to security tokens.
Charlie Xu, Hashgard CEO and former senior executive at China’s most active blockchain VC fund, recently released a report detailing his forecast for security tokens. The 40+ page report articulates market analysis suggesting security tokens will surpass the entire $200 billion cryptocurrency market cap in 2019. Whether or not such analysis becomes a reality will unfold in due time. Yet already, from luxury property in Manhattan, to real estate funds, to stocks— tokenization is here.
Assure Services apparently wants a slice of the pie as well. They manage more than 3,500 Special Purpose Vehicles (SPVs) and administer over $2 billion assets under management for their clients. They’ve also worked with names such as AngelList, SeedInvest, and EquityZen. In the recent announcement, they hinted at what the asset names will be used for:
“In the coming months, Assure will use the purchased asset names to tokenize funds and launch additional blockchain-based services.”
The Timeline of Ravencoin Explained
Ravencoin’s timeline has been relatively quick:
- October 1st 2017: Bruce Fenton first mentions the project through social media. Ten days later, its first public mention was made by Bruce at MIT.
- January 2018: The Ravencoin twitter account is created, along with its genesis block release and the start of mining. Towards the end of January, Overstock.com CEO and Bitcoin visionary Patrick Byrne publicly described his support— both moral and financial— for the project.
- March 2018: The first buying and selling of Ravencoin starts as it is listed on a few exchanges. It also becomes listed on CoinMarketCap.
- April — September 2018: Various announcements and developments made by whitepaper co-authors Tron Black and Bruce Fenton.
- October 2018: Binance lists Ravencoin (RVN).
- November 5th 2018: Ravencoin asset layer becomes activated, users start creating assets.
- November 12th 2018: Assure Services purchases 700+ asset names.
Now, at the time of writing this article, more than 10,600 assets have been created. Since 500 RVN are permanently burned in order to create one asset, more than 5.3 million RVN have been burned thus far.
With an incredibly productive timeline throughout 2018, many will look to Ravencoin’s future with high hopes.
As emphasized by Tron Black, the decentralized community is certainly receptive to additional enterprises who wish to collaborate:
“Ravencoin welcomes Assure and many others to the #RVN asset platform. Let’s build together.”
What do you think of Assure Services purchasing assets on the Ravencoin network? Are other businesses likely to do the same? Let us know what you think in the comments below.
Image courtesy of ASIC News.
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