TrustToken Raises $20 Million With Help From A16z
TrustToken Launches revolutionary product to the market.
Blockchain technology is a new and innovative technology that has led to the creation of a lot of startup companies. Among the many startups is TrustToken company which is developing a platform that will change how investments will be done. Additionally, TrustToken is developing a platform that will offer tokenized assets to investors. Some of the assets that will be available include rental properties, stocks, bonds, small businesses, timeshares,movies and patents.
Moreover,TrustToken has managed to create an asset-backed token that can be bought by investors around the globe. Additionally,so as to propel its platform development to the next level, TrustToken recently managed to raise $20 million in its ICO. With the help of Andreessen Horowitz (a16z) and backing from Danhua Capital and BlockTower, TrustToken managed to raise funds. News of the ICO success reached the public space after TrustToken issued a press release. Andreessen Horowitz has been instrumental in backing up notable crypto platforms such as cryptokitties.
Danny An TrustToken CEO said:
“The assistance from these big investments firms will draw us closer in achieving our goal of building a compliant tokenization platform. From the networks and expertise of these leading investments firms, we are optimistic our first product will reach a wider market.”
First product of Trust Token
Unlike other ICOs which sell their tokens without a product, TrustToken took a different turn. The firm has already launched its first product -a stablecoin dubbed TrueUSD (TUSD). TUSD is proof of TrustToken concept and can be redeemed for 1 TUSD for $1 on TrustToken’s platform. In addition to funding the development of the platform, part of the money will be used for the expansion of other departments. Some of the departments that will benefit from the fund include legal, product and engineering departments.
With its platform, TrustToken is bridging the gap between asset investment and investors. Similarly, it brings the assets closer to the investor hence giving them more investment opportunities. Many have hopes in TrustToken platform among them Ari Paul managing partner at BlockTower who says;
“Through tokenization, we can now buy fractions of commodities or property such as office spaces through equity instruments.”