RACE has introduced the launch of the testnet of its full-stack blockchain ecosystem designed to tokenize investable belongings, following a profitable $5 million fundraising effort. The platform goals to supply accredited and institutional traders a novel solution to interact with high-value real-world belongings (RWA) reminiscent of plane, actual property, and artwork.
“We’ve got spent years constructing this tech stack to attach traders with essentially the most high-end belongings within the international market,” Miguel Buffara, Lead Finance Engineer at RACE, said. “By empowering clientele to put money into belongings from across the globe, tokenized on-chain, RACE is kicking off a brand new period of progress in creating markets by enabling liquidity to maneuver across the globe and increase worldwide financial improvement.”
A key characteristic of the RACE ecosystem is the combination of Decentralized Funding Committees (DICs), which include trade specialists tasked with conducting due diligence on potential funding alternatives. Buffara explains to Crypto Briefing that the DIC will evaluate tokenization functions in a radical technique of due diligence, specializing in the viability, compliance, and worth of belongings earlier than they’re tokenized and made obtainable on the platform.
“If authorised, the shopper can select one in every of our sensible contracts templates and difficulty a token, NFT [non-fungible token], or no matter it’s relating to the mission, after which the asset is tokenized contained in the RACE chain, able to be distributed to RACE Good Pockets customers.”
The Lead Finance Engineer at RACE states that the asset distribution fashions utilized at XP and Nubank, an asset administration agency and a neo-bank, each from Brazil. The purpose is to onboard new customers by way of the RACE Good Pockets to the on-chain financial system, with no need them to know what a blockchain is. The pockets can also be freed from price funds through the use of fuel abstraction and has cross-chain compatibility.
“As soon as they’ve entry to those tokenized merchandise, they may be capable of use these merchandise on no matter infrastructure, reminiscent of a lending protocol, they really feel comfy with. […] Placing these belongings on the blockchain leaves customers obtainable to get loans from any financial institution of the world.”
RACE is a layer-2 blockchain infrastructure constructed by way of OP Stack, the software program improvement equipment constructed by Optimism. The ecosystem is about to beat conventional limitations within the high-value asset funding sector, reminiscent of geographical limitations and opacity, which have traditionally restricted entry to the ultra-wealthy, simplifying the usage of crypto by way of a user-friendly pockets to facilitate seamless investor onboarding.
Buffara added to Crypto Briefing that RACE is within the technique of changing into one in every of Optimism’s Superchain networks. The Superchain is an ecosystem created by Optimism, which connects completely different blockchains constructed utilizing its OP Stack.
Krisanth Sivarajh, Director of Mission Administration at RACE, emphasised the user-centric design of the platform. “Our purpose was to create infrastructure that may evolve to make every funding journey uniquely private and extremely environment friendly,” he concludes.
