Posted on

Paypal Veteran Hops On Crypto Gravy Train, Joins 0x (ZRX) Advisory Board

Former Paypal COO David Sacks Joins 0x Crypto Startup

As the nascent cryptocurrency industry continues to gain traction across the globe, talents from legacy industries have begun to flock to promising blockchain/crypto-centric startups. Most recently, David Sacks, the former chief operating officer (COO) of Paypal, has entered an advisory position at the well-known 0x project, reports Fortune.

According to the report, 0x, a well-known provider of a decentralized exchange protocol/system, has just announced a formal partnership with Harbor, a regulatory compliance platform aimed at certain forms of securities tokens. Along with establishing a working relationship, this move sees the aforementioned Paypal COO, who backs Harbor, take a position on the 0x advisory board.

Expressing his excitement for the news, Sacks issued a tweet, writing:

Excited to join the advisory board of – one of the most important projects in crypto – which is helping to build the security token tech stack along with portfolio companies and . 

Many saw this collaboration as a positive signal, as some proponents of emerging technologies believe that securities tokens will drive the adoption, growth, and maturation of the cryptosphere in the coming years. 0x CEO Will Warren, who is evidently a diehard advocate for securities tokens, expressed his hopes for this subset of crypto assets, stating:

In the next five years, there will be a massive shift away from securities being in closed systems that are highly regulated and hard to access. It will be a much more open system where trading location is less important. But for this to happen, there needs to be a security token tech stack.

Speaking with Fortune, Josh Stein, the CEO of Harbor, drew attention to the fact that 0x and Harbor are complementary of each other, making it clear that the two firms should mutually benefit from this recently-established bond. Stein explained:

0x and its growing network creates the opportunity to connect buyers and sellers around the world. By tackling the regulatory compliance challenges of tokenizing private securities, Harbor makes it easy for issuers and investors to abide by existing rules and regulations across jurisdictions.

Calling back to a previous report, Fortune brought up a conversation held with Paypal’s former COO, who holds a position as the co-founder of Harbor and a partner at Craft Ventures.

According to Sacks, the real estate industry will be the first legacy market and asset class to see a move onto blockchain-centric systems, as blockchain assets evidently make it easier to transact in the real estate market than the tedious, long-drawn-out processes involved with the traditional act of purchasing and selling land. Additionally, real estate-backed crypto assets can be easily be divided, which creates an opportunity for unique investment opportunities that will only be available via modern technologies.

0x (ZRX) Falls 5% In Correlation With The Market

Even in the face of positive news, it has become apparent that ZRX, the native crypto asset of the 0x ecosystem, fell in correlation with the rest of the market. At the time of writing, ZRX is worth $0.638 a piece and is down 4.88% in the past 24 hours.

Chart Courtesy of TradingView
Photo by Campbell Boulanger on Unsplash

The post Paypal Veteran Hops On Crypto Gravy Train, Joins 0x (ZRX) Advisory Board appeared first on Ethereum World News.

Posted on

A16z, Founders Fund Back $28 Million Raise for Tokenized Securities Startup

Tokenized securities startup Harbor has secured $28 million in funding from major Silicon Valley venture capital firms, the company announced on Tuesday.

The strategic round was led by Founders Fund, and included the participation of Andreessen Horowitz and Pantera Capital. Existing Harbor investors Craft Ventures, Vy Capital and Valor Equity Partners, as well as Future Perfect Ventures, 1confirmation, Abstract Holdings and Signia Venture Partners also took part in the round.

Harbor’s president and general counsel, Joshua Stein, told CoinDesk that the company will use the funding to further develop its ethereum-based R-Token platform, which he said provides for “compliance at the token level.”

In practice, this means that the protocol tokenizes real-world assets and uses ethereum smart contracts to ensure that investors can execute trades only if they satisfy pertinent regulations, such as know your customer (KYC) and anti-money laundering (AML) requirements.

The company also intends to direct funds toward the expansion of its team.

“We’ve had so much inbound interest from folks from different asset classes seeking to tokenize what they’re doing,” Stein said in an interview. “Now we need to build out the team and the platform and the protocol to be able to handle that inbound interest.”

Stein suggested that Harbor was able to attract prominent investors in part because the company has gained significant traction since its inception.

He told CoinDesk:

“There’s literally tens of trillions of dollars of real-world assets that would benefit from the ownership interest being tokenized, and that can unlock tremendous economic value.”

Pantera Capital’s Joey Krug echoed this point in statements.

“With Harbor, we could see things like funds tokenizing LP interest for illiquid asset classes, marrying the liquidity of markets with the illiquidity of the underlying assets owned by the fund. The infrastructure Harbor is building will unlock a range of new possibilities for capital markets,” he said.

Stein said Harbor’s efforts to create liquidity will benefit the larger blockchain ecosystem, and that he’s excited about the services and dapps emerging from the ethereum community.

“By driving a whole bunch of economic value around the public blockchain ecosystem, we help drive all those different companies, providers and developers,” he explained.

Harbor intends to roll out its platform for securities issuers and licensed broker-dealers this summer.

Handshake image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.