Andra Capital, a San Francisco-based venture capital firm, has announced its own token: Silicon Valley Coin (SVC). The company plans to issue it via a security token offering (STO) in collaboration with Tezos Foundation and TokenSoft.
According to the press release shared with Decrypt today, SVC will be built on the Tezos blockchain and utilize TokenSoft’s issuance platform. The fund will use it to invest in late-stage technology companies.
“Andra Capital’s open-ended technology fund allows investors to invest in the fund traditionally with the option to take delivery of a blockchain-based token, Silicon Valley Coin,” the announcement states.
The Tezos blockchain was chosen thanks to its institutional-grade security of smart contracts and several features “well suited” for high-value digital assets such as security tokens in the long term.
According to Sam Raman, head of strategic partnerships at Andra, TokenSoft’s platform will provide the technology for qualified retail investors from over 50 countries to make investments using the token.
As Decrypt reported last Summer, BTG Pactual, the third biggest investment bank in Latin America, and Dubai-based asset manager Dalma Capital have also announced plans to use the Tezos blockchain to launch security token offerings.