Ravencoin Added to tZERO Crypto App Since the Two “Philosophically Align”

Ravencoin Added to tZERO Crypto App Since the Two “Philosophically Align”

On August 20th 2019, tZERO announced the third digital asset which will be available through its mobile Crypto App: Ravencoin. In addition to supporting its own RVN cryptocurrency, the Ravencoin platform was designed to support a variety of user-defined assets such as security tokens, digital collectibles, utility tokens, gift cards, fiat currency, and others.

Ravencoin Added to tZERO’s Crypto App Explained

Ravencoin, an open-source project with a strong community base, will soon be tradeable on tZERO’s own Crypto App.

The app went live in June 2019, and currently features two cryptocurrencies: Bitcoin and Ethereum.

In the near future, Ravencoin will be added to that list. According to tZERO, both the iOS and Android versions of the app will be submitted to Apple and Google by the end of the day.

Once approved, users will be able to buy, sell, and hold Ravencoin directly on their mobile phones through the tZero Crypto App.

The app features a unique private key recovery system to restore funds and assets in the event of a lost private key or mobile device. At the same time, the security is touted to be much stronger than the custody of a third-party exchange.

According to tZERO CEO Saum Noursalehi,

“In addition to being one of the fastest growing cryptocurrencies, Ravencoin is philosophically aligned with tZERO in making it easy to digitize assets and make them freely tradable. Ravencoin allows for straightforward issuance and on-chain transfer of any digital asset, including security tokens, making support for RVN a natural fit for tZERO Crypto.”

tZERO, the Overstock.com subsidiary, is a developing security token platform. Overstock CEO Patrick Byrne also commented on the announcement:

“Ravencoin, which was recently named the Most Exciting New Coin of 2019, first had life breathed into it by Bruce Fenton. It’s exciting enough that the tZERO Crypto app will let one trade RVN. In addition, Ravencoin’s design makes it ideal to be woven into our grander vision of a blockchain tech stack for society.”

Ravencoin and the Transition Toward Security Token Offerings

While Ravencoin itself is agreed upon by securities attorneys to not constitute a security, it can be used to represent the ownership of regulated financial securities.

In fact, one company— TokenizEU— chose the Ravencoin blockchain, a hard-fork of Bitcoin, over Ethereum for security token issuance.

Previously, Byrne has also said Ravencoin is “the preferred solution” for an Israeli company that is building a blockchain solution for wineries.

Ravencoin clearly has many potential use-cases, though the most valuable is likely the highly anticipated security token industry.

While the ICO continues to fade away, the Security Token Offering (STO) has emerged to raise nearly $1 billion so far.

Regulated real-world assets to include equity, investment funds, real estate, and even fine art have experienced the benefits of the blockchain in a regulatory-compliant manner through security tokens.

What do you think about tZERO adding Ravencoin to its Crypto App? We’d like to know what you think in the comments section below.

Image courtesy of tZERO.