On August 20th 2019, tZERO announced
the third digital asset which will be available through its mobile Crypto App: Ravencoin. In addition to supporting its own
RVN cryptocurrency, the Ravencoin platform was designed to support a variety of
user-defined assets such as security tokens,
digital collectibles, utility tokens, gift cards, fiat currency, and others.
Ravencoin Added to
tZERO’s Crypto App Explained
Ravencoin, an open-source project with a
strong community base, will soon be tradeable on tZERO’s own Crypto App.
The app went
live in June 2019, and currently features two cryptocurrencies: Bitcoin and
Ethereum.
In the near future, Ravencoin will be added to that list. According
to tZERO, both the iOS and Android versions of the app will be submitted to Apple
and Google by the end of the day.
Once approved, users will be able to buy, sell, and hold
Ravencoin directly on their mobile phones through the tZero Crypto App.
The app features a unique private key recovery system to
restore funds and assets in the event of a lost private key or mobile device.
At the same time, the security is touted to be much stronger than the custody
of a third-party exchange.
According to tZERO CEO Saum
Noursalehi,
“In addition to being one of the fastest growing cryptocurrencies, Ravencoin is philosophically aligned with tZERO in making it easy to digitize assets and make them freely tradable. Ravencoin allows for straightforward issuance and on-chain transfer of any digital asset, including security tokens, making support for RVN a natural fit for tZERO Crypto.”
tZERO, the Overstock.com subsidiary, is a developing
security token platform. Overstock CEO Patrick
Byrne also commented on the announcement:
“Ravencoin, which was recently named the Most Exciting New Coin of 2019, first had life breathed into it by Bruce Fenton. It’s exciting enough that the tZERO Crypto app will let one trade RVN. In addition, Ravencoin’s design makes it ideal to be woven into our grander vision of a blockchain tech stack for society.”
Ravencoin and the Transition Toward Security Token Offerings
While
Ravencoin itself is agreed
upon by securities attorneys to not constitute a security, it can be used to
represent the ownership of regulated financial securities.
In fact, one
company— TokenizEU— chose
the Ravencoin blockchain, a hard-fork of Bitcoin, over Ethereum for
security token issuance.
Previously, Byrne
has also said Ravencoin is “the preferred solution” for an Israeli company that
is building a blockchain solution for wineries.
Ravencoin
clearly has many potential use-cases, though the most valuable is likely the
highly anticipated security token industry.
While the ICO
continues to fade away, the Security Token Offering
(STO) has emerged to raise nearly
$1 billion so far.
Regulated
real-world assets to include equity,
investment
funds, real
estate, and even fine
art have experienced the
benefits of the blockchain in a regulatory-compliant manner through
security tokens.
What
do you think about tZERO adding Ravencoin to its Crypto App? We’d like to know
what you think in the comments section below.
Image
courtesy of tZERO.
The post Ravencoin Added to tZERO Crypto App Since the Two “Philosophically Align” appeared first on The Tokenist.
