VC Firm Ben Franklin Technology Partners Tokenizes Philadelphia Investment Fund

Published at: April 11, 2019

State-backed venture capital (VC) firm Ben Franklin Technology Partners has rolled out a blockchain-based onboarding and tokenization platform. The development was revealed in a blog post on Thursday, April 11.

Ben Franklin Technology Partners is an initiative of the Pennsylvania Department of Community and Economic Development, that has reportedly invested over $200 million into more than 2,000 emerging technology projects in the Philadelphia region. Today, the organization released a blockchain platform for issuing and managing digital securities on the Ethereum (ETH) blockchain, specifically “GO Philly Tokens.”

Per the release, the new platform enables limited partnership interests in the Global Opportunity Philadelphia Fund (GO Philly Fund) to be represented as digital GO Philly Tokens that are compliant with the ERC-20 standard. The platform also contains Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures and accredited investor compliance. Scott Nissenbaum, Ben Franklin's Chief Investment Officer, said:

"The GO Philly Fund intends to utilize rapidly emerging standard technologies to streamline and manage investor interests in the fund. Through the use of blockchain technology, we are now facilitating and streamlining individual investor participation from around the globe while allowing for cryptocurrency to be accepted."

The tokens will reportedly be issued electronically by the fund, with subscriptions for the tokens to be purchased through the platform by individual investors either with U.S. dollars, or digital currencies Bitcoin (BTC) and ETH.

Earlier this week, Cointelegraph reported that Facebook is reportedly seeking support from various venture capital (VC) firms to develop its supposed digital token. Citing sources familiar with the matter, New York Times technology reporter Nathaniel Popper stated that Facebook is seeking a $1 billion sum to develop its cryptocurrency project.

In regards to venture capital, founding partner of Future Perfect Ventures Jalak Jobanputra said in February that the crypto bear market had deeply affected VC firms. When asked whether there is a trend of discounted venture evaluations across the digital currency space, Jobanputra said that “given how much the volumes have decreased in the last year, I wouldn’t be surprised if we are seeing valuations come down on the secondary markets for some of these companies.”

Tags
Adoption
Blockchain
United States
Ethereum
Cryptocurrencies
Government
Tokens
Investments
Aml
Kyc
Related Posts
Are crypto and blockchain safe for kids, or should greater measures be put in place?
Crypto is going mainstream, and the world’s younger generation, in particular, is taking note. Cryptocurrency exchange Crypto.com recently predicted that crypto users worldwide could reach 1 billion by the end of 2022. Further findings show that Millennials — those between the ages of 26 and 41 — are turning to digital asset investment to build wealth. For example, a study conducted in 2021 by personal loan company Stilt found that, according to its user data, more than 94% of people who own crypto were between 18 and 40. Keeping children safe While the increased interest in cryptocurrency is notable, some …
Adoption / Feb. 26, 2022
Illicit crypto transactions are getting more attention from the government
The COVID-19 pandemic has forced governments worldwide to focus on bringing blockchain technology to their financial services, along with the needed regulatory upgrades to keep the burgeoning fintech industry clean. Related: Not like before: Digital currencies debut amid COVID-19 For example, on Sep. 10, Switzerland — a global center for the wealth management industry, housing around $2 trillion or 27% of global offshore wealth — passed a reformed Blockchain Act that includes a new set of laws and regulations to support the growth of blockchain and decentralized finance companies in the country. Related: Why Switzerland is becoming a “crypto nation” …
Technology / Sept. 19, 2020
What DeFi needs to do next to keep institutional players interested
The last few months’ frenzy of institutional money flowing into Bitcoin (BTC) has seen crypto hitting the headlines — at the least as a novelty asset, at the most as a must-have. There is undoubtedly a trend in the market toward greater awareness and acceptance of digital assets as a new investable asset class. A June 2020 report by Fidelity Digital Assets found that 80% of institutions in the United States and Europe have at least an interest in investing in crypto, while more than a third have already invested in some form of digital asset, with Bitcoin being the …
Decentralization / Feb. 27, 2021
US SEC Approves and Says 8th Grader’s ‘Quarters’ Tokens Aren’t a Security
The United States Securities and Exchange Commission (SEC) has cleared a crypto gaming company to issue blockchain tokens without registration, deeming the tokens to not be securities. Pocketful of Quarters (PoQ) was co-founded by George B. Weiksner, an eighth-grader who is listed as the current CEO. Weiksner apparently is a regular speaker about cryptocurrencies and games and has been published by Marketwatch and ICO Investor TV. The SEC published its determination on July 25 via the commission’s website, as a reply to an apparent inquiry from PoQ on its proposed “Quarters” tokens. Jonathan Ingram, the chief legal advisor of the …
Blockchain / July 25, 2019
South Carolina State Regulators Withdraw Enforcement Actions on Two Blockchain Startups
The Securities Division of the Office of the Attorney General of South Carolina has removed cease-and-desist orders against two blockchain startups, according to public documents published July 26. Today’s order removed a cease-and-desist order filed by the South Carolina Attorney General's office against shipping platform ShipChain for violating the state’s securities statutes on May 21. Regulators initially accused the firm of running afoul of securities laws during their private SHIP token sale. The second firm, cloud mining platform Genesis Mining, which was previously halted by the South Carolina Attorney General's Office Securities Division due to selling “unlicensed securities,” is now …
Blockchain / July 27, 2018