LONDON, ENGLAND / ACCESSWIRE / May 23, 2018 / The Elephant, an online secondary market platform that opens the door to investments in shares of the world's most promising private companies prior to their liquidation event via an innovative security token mechanism, today announced an integration with Bancor, the first protocol for autonomously convertible Smart Tokens™. With this integration, The Elephant will create a PECBNT Relay Token which will provide continuous liquidity for PEC, the platform's token, easily online.
In today's echo system, where more and more private companies choose to stay private for longer periods, these companies' shareholders (founders, seed investors, current and former employees, service providers, and to some degree even VCs) have to wait a substantially longer period before they can liquidate their shares, on the one hand, while the significant valuation increment that occurs prior to an IPO or an exit event is not accessible for traditional investors, on the other hand.
To relieve this pain, The Elephant is building a leading global tokenized secondary marketplace for shares of private pre-IPO companies, enabling existing shareholders to liquidate their shares and allowing investors to join the scale up valuation ride by investing in shares of these pre-IPO companies prior to the liquidation event, with a low entry threshold, while keeping their position as liquid as possible.
By integrating the Bancor Protocol, PEC (the Elephant Platform token) holders will gain access to continuous liquidity regardless of trade volume or exchange listings, through the Bancor Network™, where any integrated token can be automatically converted to any other directly from the Bancor Wallet or any Web3 wallet, such as Parity or MetaMask. Currently, integrated tokens include ETH, BNT (the Bancor Network Token™), GNO (Gnosis), STX (Stox) and a long list of announced projects soon to be integrated.
"We believe liquidity is the most fundamental need of any asset owner. By allowing PEC tokens to be easily convertible through the Bancor Network, we create an end-to-end solution that turns shares of private companies into a liquid asset" said Chaim Schiff, Co-CEO of The Elephant. "We expect potential participants to have increased confidence in their PEC token's usability after the token sale."
"We share the goal of using the blockchain technology to allow an opportunity for a new class of investors to enter the secondary market and enjoy the potential of realizing a profit from this class of investments. Now, crypto community investors looking to invest in stable, equity-backed tokens and traditional investors looking to join the crypto world creates a compelling network use-case to be powered by the PEC token."
"We believe in The Elephant's mission to unlock liquidity in the secondary market for pre-IPO companies and we are thrilled to help the the project provide their users with an easy way to buy and sell the PEC token," said Eyal Herzog, Co-Founder of the Bancor Protocol.
To date, the Elephant Platform has over $70 million worth of shares of pre-IPO tech companies and over 2,000 investors, already listed on the platform. PEC's private token sale is currently live and will further propel the network to facilitate secondary trading of shares of Pre-IPO tech companies.
ABOUT the Elephant; The Elephant is an online secondary market enhanced platform that provides investment opportunities in shares of the world's most promising, important and interesting private companies (unicorns & high-profile tech companies), prior to their liquidation event. The platform enables pre-IPO companies' shareholders to sell their shares prior to a liquidation event and for investors to invest in shares of these companies, with a low entry threshold, through dedicated partnerships represented by digital tokens, while keeping their position as liquid as possible. For more information please visit: www.thelephant.io
ABOUT BANCOR: The Bancor Protocol is a standard for the creation of Smart Tokens™, cryptocurrencies with built-in convertibility directly through their smart contracts. Bancor utilizes an innovative token "connector" method to enable formulaic price calculation and continuous liquidity for all integrated tokens, without needing to match two parties in an exchange. Smart Tokens interconnect to form token liquidity networks, allowing user-generated cryptocurrencies to thrive. To convert tokens instantly, visit the Bancor Web App or join the Bancor Telegram group for more information.
SOURCE: The Elephant