The token economy has been expanding to every single sector on earth that we can imagine. Healthcare, Hollywood, Real estate, Finance – all have been impacted by the power of tokens. The only thing remaining untouched was space, but now some folks have embarked on the ambitious mission of taking tokenization to space as well!
That’s right. SpaceFund, a new Texas-based venture capital firm, is coming out with a security token offering (STO) to help people pool their money into a fund that will invest in promising space startups. The Founding partner of SpaceFund is Rick Tumlinson, who himself has also been the co-founder of many leading space initiatives. Speaking to The Tokenist he said about his new VC fund:
“SpaceFund’s goal is to support the development and profitability of amazing new space startups around the world. With Jeff Bezos, Elon Musk, and others investing billions into a space economic infrastructure, a revolution is underway in space. We want to allow more visionary people to get involved, to support the entrepreneurs opening space to humanity, and to share in the wealth it will create. This offering is both a giant leap and a first step in that direction.”
Several partners have already lined up to support the initiative. They include Yeoman’s Capital, Abacus, Smart Valor and OpenFinance Network. Initially the tokens of SpaceFund will be available to accredited investors only, but if SEC allows in future they may also be made available to retail investors as well.
Space and tokens: Match made to open the heavens?
All partners of SpaceFund sound very positive and optimistic when it comes to the combination of space with tokenization. According to David Johnston, CEO of Yeoman’s Capital, this is a match made to open the heavens. He says:
“This is a match made to open the heavens. Yeoman’s has started over 30 companies in the blockchain space, and we are applying that knowledge and network to SpaceFund. Together we are going to change the way people invest in space.”
Pradyumn Vig, CEO of Abacus, also says similar things, but in a more precise and specific manner. He says:
“Tokens do 3 things for space; soften liquidity issues, simplify transactions, and create regulatory transparency. Abacus has the technology and team to make the tokenization process smooth, seamless, and safe for all involved. Together, the SpaceFund team is well suited to run the first space venture fund that tokenizes on the blockchain.”
It will be very interesting to see which space companies benefit the first from this new fund setup to tokenize the space economy. We’ll keep you updated on the matter, so keep visiting Crypto-News India!