Blockchain Platform For GO Philly Fund Launched By Ben Franklinbr>
Seed stage capital provider Ben Franklin Technology Partners of Southeastern Pennsylvania (Ben Franklin) has launched its blockchain-enabled onboarding and tokenization platform for Global Opportunity Philadelphia Fund.
Ben Franklin, an initiative of the Pennsylvania Department of Community and Economic Development, is one of the nation’s longest-running technology-based economic development programs. For over 30 years, it has been the leading seed stage capital provider for the region’s technology sectors, investing over $175 million in more than 1,750 regional technology companies, many of which have gone on to become industry leaders.
The new blockchain-enabled platform streamlines and manages investor interests in the GO Philly Fund, a newly formed venture fund seeking investments in seed and early-stage technology-focused enterprises located in the Greater Philadelphia region. The platform allows limited partnership interests in the fund to be represented as digital “GO Philly Tokens” that are fully compliant with the ERC-20 standard worldwide.
The tokens will be issued electronically by the fund at an offering price of $0.50 per GO Philly Token. Subscriptions for the tokens can be purchased through the platform by individual investors with US dollars, bitcoin (BTC) or ether (ETH). Prospective investors must apply to subscribe for a minimum amount of $250,000 or equivalent amount in BTC or ETH. According to Ben Franklin, the GO Philly Fund has already raised more than $15 million and seeks to provide up to $50 million of capital alongside Ben Franklin’s investments.
“The GO Philly Fund intends to utilize rapidly emerging standard technologies to streamline and manage investor interests in the fund,” said Scott Nissenbaum, Ben Franklin’s Chief Investment Officer. “Through the use of blockchain technology, we are now facilitating and streamlining individual investor participation from around the globe while allowing for cryptocurrency to be accepted.”