The cryptocurrency space got another boost with David Sacks, the former COO of Paypal joining the advisory board of 0x, a famous decentralized protocol. Sacks is currently the Founder of Craft Ventures, an organization that invests in new companies.
David Sacks is also an investor and Co-Founder of Harbor, a blockchain technology company that aims to make the transition for established industries from mainstream activities to cryptocurrency, more seamless and faster. Sacks’ entry into the 0x board comes right after the cryptocurrency organization’s tie-up with Harbor, a move that is aimed to create an industry standard for security tokens.
Josh Stein, the Chief Executive Officer stated:
“0x and its growing network creates the opportunity to connect buyers and sellers around the world. By tackling the regulatory compliance challenges of tokenizing private securities, Harbor makes it easy for issuers and investors to abide by existing rules and regulations across jurisdictions.”
Sacks has been a vocal advocate for cryptocurrencies and has stated earlier that the first industry that would embrace mainstream cryptocurrency adoption would be real estate, citing reasons such as secure payments and faster deal closure. He had also backed his statements by saying that digital assets provide a greater form of liquidity, a requirement in the fast-paced world.
Sacks’ words seem prophetic when Ruden Holdings, a Japanese real estate company announced its trials with a Bitcoin-based virtual currency real estate settlement platform. The company had stated:
“As soon as Ruden (system) confirms the remittance of the virtual currency, we will execute the contract and [convert the] virtual currency to Japanese yen. In addition, a notarized sale [and] purchase agreement is promptly shared with [the] buyer and seller.”
0x stated that their association with companies to propagate adoption is mainly down to their highly secure trading protocol. 0x has also stated that they function differently from famous cryptocurrencies like Bitcoin, backing their isolated nodes for information and data storage. Will Warren, the CEO of 0x added:
“In the next five years, there will be a massive shift away from securities being in closed systems that are highly regulated and hard to access,” he said. “It will be a much more open system where trading location is less important. But for this to happen, there needs to be a security token tech stack”
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