Robert Leshner, founder of the Compound crypto lending platform, has applied to SEC to launch a fund that will invest in US Treasury securities.
The structure received a traditional transfer agent that will track the owners using the Ethereum network as an additional source.
“The adviser believes that a blockchain-integrated accounting system can provide operational efficiency and improve the shareholder experience without negatively impacting the quality of services. In the future, shares in the fund may be available for purchase, sale or transfer from one owner to a purchaser through the use of the network’s secondary records. the document says.
The latter refers to the reconciliation and comparison of “the agent’s official registry with blockchain data for any peer-to-peer share transfers.”
The founder of the fund will be the organization Superstate.
“The company’s mission is to create regulated financial products that connect traditional markets and blockchain ecosystems. This is the first step on a long road to modernization.” Leshner commented on the initiative.
Today, I’m excited to announce the founding of a new company, @superstatefunds
Superstate’s mission is to create regulated financial products that bridge traditional markets & blockchain ecosystems.
— Robert Leshner (@rleshner) June 28, 2023
In addition to US Treasury bills, the fund will also invest in government agency securities and other government-backed instruments. The structure will focus on short-term circulation of instruments.
Initially, Superstate plans to sell $3.75 million worth of securities.
The initiative was supported by Parafi Capital, 1kxnetwork, Cumberland, CoinFund, Distributed Global, who took part in the organization’s seed round.
Leshner has valued “hundreds of trillions” of “offline” assets that could “get a residence on the blockchain.” Right now DeFi is limited by the fact that only crypto-based tools are represented in the space, he added.
The primary limiting factor to DeFi is that crypto-native assets are the only interoperable assets.
But eventually, hundreds of trillions of ‘offline’ assets will find their way onto blockchains.
We plan to facilitate that migration.
— Robert Leshner (@rleshner) June 28, 2023
Amid the news, the Compound utility token has risen in price by 7.8%, according to CoinGecko. Over the past week, the asset has grown in price by 52.4%.
Recall that in June, the MakerDAO DeFi platform increased the amount of bonds issued by the US Treasury in reserves from $500 million to $1.2 billion.
Earlier, Leshner allowed “Armageddon” in the crypto industry due to the actions of American regulators.
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