Ravencoin Blockchain used to Transfer USD $3.6 Million Security Tokens

Ravencoin Blockchain was used to transfer USD $3.6 million valued securities token by Chaintone labs.

Medici Ventures invested USD $3.6 millions in Chainstone Labs and bought around a 29 percent stake. In return, Medici Ventures was issued digital securities tokens using the Ravencoin blockchain. The equity token was not offered in the public domain. Medici Ventures is a subsidiary of Overstock.com, according to the announcement.

Ravencoin is an open-source and public blockchain. It is built to help users create and manage tokens and digital assets such as securities. Launched on 3rd January 2018, the Ravencoin network started supporting token issuance since November 5, 2018.

The Chainstone digital security token is one of the first equity tokens issued using a public blockchain. It is the first major security token issued on the Ravencoin network.

Chainstone Labs is a startup focused on digital securities and decentralized asset management.

Executive Opinion:

Board member of both Medici Ventures and tZERO, Fenton, “It is natural that since we focus on securities tokens that we have a digital security for the equity in our own company. The ease of moving digital securities has the potential to change the way the global economy works. Medici Ventures has the operational expertise to help us pursue this market. Ravencoin is an ideal protocol and chain to use for this security token. The aim of Ravencoin is to do one thing and do it well: help users issue tokens and digital assets securely. Tokens, particularly securities tokens, are a promising area for blockchain technology.”

President of Medici Ventures, Jonathan Johnson, said, “Chainstone Labs shares the same vision of Medici Ventures: blockchain is the future and using it to make transactions faster, more secure, and completely transparent will change the world. Our mission is to use blockchain to democratize capital, eliminate the middleman, and re-humanize commerce. We believe our equity purchase in Chainstone Labs is a huge step forward in that mission as Chainstone will help change the landscape of the global economy.”

The transaction was broadcasted in real-time showing the ease of transferring equity using tokens as digital securities.

Notably, Polymath is another such blockchain project tokenizing securities.