Update: Republic Note Tops $10 Million, Funding Cap Increased [u]

Republic Note, a profit-sharing digital asset launched by the crowdfunding ecosystem Republic, has reportedly generated solid interest – apparently in excess of its stated $8 million goal.

According to reports, Republic Not has surpassed $10 million after launching live last week.

 

Republic Note, The profit-sharing token for Republic’s ecosystem, surpasses $10 Million in 5 days https://t.co/1GsGfrfkyg pic.twitter.com/N0t1nuQmKm

— Crowdfunding News (@Crowdfundnews) July 21, 2020

Republic Note is being offered under two separate exemptions. The first is under Reg D 506c for accredited investors. The second is under Reg A+, an exemption that accepts both accredited and non-accredited investors. The Reg A+ offering must be qualified by the Securities and Exchange Commission – something that has yet to occur.

The first offers a portion of carried interest (like a traditional VC) from 1% to 16% and the second offers a 2% securities commission after a certain threshold.

The project is an interesting spin on digital assets that has little to do with the initial coin offering days that involved too much fraud and garbo companies. Note is a security and regulated like one – a good thing. The offering is designed to allow investors to benefit from Republic’s growth – over time as a profit-sharing asset.

If you are interested, the offering is still live even if it has topped its $8 million goal.

Update: In an email distributed by Republic, the platform noted that the cap has been increased due to demand:

“We are thrilled to announce that demand for the Republic Note 506(c) sale is making history. Over $10 million in investment by accredited investors and reservations of interest by non-accredited investors have been made by more than 6,000 participants. Due to the exceptionally high demand, we have increased the cap on investments and reservations of interest to $16 million total.”