If anyone ever questions the real use case of Ravencoin or even blockchain technology, well now you have one more tool of proof on your tool belt. The largest digital token transfer on the Ravencoin platform just happened.
Medici Ventures was able to perform a digital securities token transfer that represented the amount of equity they hold in Chainstone Labs. That amount of $3.6 million dollars is roughly 29% ownership of Chainstone Labs.
Medici Ventures is a blockchain accelerator and they have a 3 part mission statement. The first is to democratize capital and allow any single human being whether poor or rich to participate in markets. They want to eliminate the middleman which creates prolonged transactions and immense fee’s. Finally to advance blockchain technology to the point that commerce is “re-humanized” for people.
Medici Ventures is a Subsidiary of Overstock Inc. Overstock’s CEO Patrick Byrne invested more than $12 million dollars into the development of Ravencoin many months ago. The purpose of this investment was to make Ravencoin what it is today, a protocol where anyone can issue a security token and transfer funds seamlessly. Chainstone Labs is a digital security and an asset management company. This is where everything becomes a full circle.
“Since we focus on securities tokens, it’s only natural that we have a digital security for the equity in our own company.” Bruce Fenton, Chainstone Labs CEO.