Medici Ventures has conducted a securities token transfer worth $3.6 million over the Ravencoin network

The transfer was for the purchase of a 29 percent stake in Chainstone labs

Medici Ventures has successfully completed a $3.6 million transfer using the Ravencoin blockchain. The transfer was a digital securities token transfer representing ownership in Chainstone Labs. This move, according to Chainstone Labs, was a natural one:

“Since we focus on securities tokens, it’s only natural that we have a digital security for the equity in our own company. The ease of moving digital securities has the potential to change the way the global economy works. Medici Ventures has the operational expertise to help us pursue this market.”

Ravencoin

The money being transferred was used to purchase a 29 percent stake in Chainstome Labs and was done via the Ravencoin blockchain, a public blockchain created to help in the management of digital assets.

This serves as the largest token issued on Ravencoin as well as one of the first equity tokens issued on a public blockchain. Chainstone Labs CEO Bruce Fenton stated:

“Ravencoin is an ideal protocol and chain to use for this security token. The aim of Ravencoin is to do one thing and do it well: help users issue tokens and digital assets securely. Tokens, particularly securities tokens, are a promising area for blockchain technology.”

A new way to invest

Traditionally, buying a stake in a firm, particularly for an amount of that size, would require a third party to mediate and seal the transaction. Through blockchain, this need for a middleman is eliminated and costs are saved. Fenton said:

“I think blockchain technology has shown that it’s really good at moving things of value around without requiring a trusted third party. Of course, this can apply to a lot of applications, but I think securities are one of the major use cases here.”

This ease of transaction can be carried out into the larger world and change how we do business, says Jonathan Johnson, president of Medici Ventures: