RACE has announced the launch of the testnet of its full-stack blockchain ecosystem, designed to tokenize investable assets, following a successful $5 million fundraising. The platform aims to provide accredited and institutional investors with a new way to handle high-value real-world assets (RWA), such as aircraft, real estate and art.
“We have spent years building this tech stack to connect investors to the highest quality assets in the global market,” said Miguel Buffara, Lead Finance Engineer at RACE. “By enabling customers to invest in assets from around the world, tokenized on-chain, RACE is launching a new era of growth in emerging markets by moving liquidity around the world and fueling international economic development.”
A key feature of the RACE ecosystem is the integration of decentralized investment committees (DICs), which are made up of industry experts charged with conducting due diligence on potential investment opportunities. Buffara explains to Crypto Briefing that the DIC will review tokenization applications in a thorough due diligence process, focusing on the viability, compliance and value of assets before they are tokenized and made available on the platform.
“If approved, the customer can choose one of our smart contract templates and issue a token, NFT [non-fungible token]or whatever it is related to the project, and then the item is tokenized within the RACE chain, ready to be distributed to RACE Smart Wallet users.”
The Lead Finance Engineer at RACE states that the asset distribution models were applicable at XP and Nubank, an asset manager and a neobank, both from Brazil. The goal is to introduce new users to the on-chain economy through the RACE Smart Wallet, without them having to know what a blockchain is. The wallet is also fee-free by using gas extraction and is cross-chain compatible.
“Once they have access to these tokenized products, they can use these products on whatever infrastructure, such as a lending protocol, they are comfortable with. […] By putting these assets on the blockchain, users can get loans from any bank in the world.”
RACE is a layer-2 blockchain infrastructure built through OP Stack, the software development kit built by Optimism. The ecosystem will overcome traditional barriers in the high-value asset investment industry, such as geographic restrictions and opacity, which have historically limited access to the ultra-rich, and simplify the use of crypto through an easy-to-use wallet to facilitate seamless investing. onboarding.
Buffara added to Crypto Briefing that RACE is in the process of becoming one of Optimism’s Superchain Networks. The Superchain is an ecosystem created by Optimism, which connects several blockchains built using the OP Stack.
Krisanth Sivarajh, director of project management at RACE, highlighted the user-centric design of the platform. “Our goal was to create an infrastructure that can evolve to make each investment path unique, personalized and highly efficient,” he concludes.