Swarm, blockchain for private equity, announced the launch of new tokens that represent equity in technology companies, starting with Coinbase, Robinhood and Ripple. This helps Swarm investors acquire security tokens representing fractional shares in private companies.
Swarm said each individual equity offering will have its own unique security token created using the SRC20 security token protocol. It expects to begin the sale of these tokens this month.
Swarm will source the equity shares in the companies through partners such as Silicon Valley venture capital firms and funds, who acquire equity from former employees and enable more individuals to participate in the investment.
"Our goal is to democratize investing, and introducing tokens that represent equity is a major step forward in this mission. Now, any Swarm investor can hold equity in some of today's most prominent tech startups," said Philipp Pieper, CEO and Co-Founder of Swarm.
The blockchain for private equity Swarm will tokenize the equity in these companies for the community to buy without any middlemen, but will never hold the equity.
Swarm reportedly received a cease-and-desist letter from Coinbase which necessitated it to update the announcement, removing all references to Coinbase. Ripple also issued a similar communication, reports said.
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