State-backed venture capital (VC) firm Ben Franklin Technology Partners has rolled out a blockchain-based onboarding and tokenization platform.
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. 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. 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. 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.”