San Francisco-based venture capital firm Andra Capital plans to issue its own Silicon Valley Coin (SVC) through an offering of security token (STO). The project comes after a collaboration with the Tezos Foundation, and will be built on the latter's blockchain. Following this announcement, XTZ sees a daily increase of almost 9% against the dollar.
How I know reported Today, the California company VC will work with the Tezos Foundation to finally launch the Silicon Valley Coin. To do so, Andra Capital will use the TokenSoft issuance platform.
No products found.
Andra Capital partners with Tezos to issue an SVC token
The company’s open technology fund, commonly referred to as the “Fund,” will primarily use the SVC to invest in late-stage private technology companies. In addition, the new token will also provide the investment opportunity for “qualified buyers in the U.S. and authorized investors worldwide.” Additionally, investors will be able to receive the blockchain-based SVC.
According to Sam Raman, Head of Strategic Alliances at Andra Capital, his company is employing the best of both worlds with TokenSoft and the Tezos Foundation:
“The TokenSoft platform provides the technology for qualified retail investors to participate in desirable venture, late-stage, and pre-IPO technology companies, and we have partnered with best-in-class providers including the Tezos Foundation for their expertise in digital securities for the Silicon Valley coin offering.”.
Alison Mangiero, President of TQ Tezos, also spoke about the collaboration and the upcoming product. She said they are “thrilled to see venture capital firms embrace digital securities, allowing them to easily and compliantly offer global investors access to a historically exclusive asset class.”
Tezos price reaction
Tezos' native cryptocurrency is on the rise today. XTZ traded at around $ 1.50 yesterday, but has risen to the current price of $ 1.63, which is an increase of almost 9%. Naturally, its total market capitalization is also growing to $ 1.127B and it currently ranks 13th out of the top 100 currencies ranked by the same factor.
Compared to the largest cryptocurrency, XTZ also shows an impressive 8% increase in the last 24 hours. Just over a week ago, XTZ / BTC fell to 1 SAT. However, since then, Tezos has been climbing continuously and is currently trading at 480 SAT. This represents an upward movement of 1888% since January 27.
