Former PayPal COO Joins 0x Security Token Protocol
Last week, Fortune reported that the security token protocol, 0x, is now partnered with Harbor. Co-founded by former PayPal COO, David Sacks, Harbor is “building a decentralized compliance protocol that standardizes the way securities are issued and traded on blockchains.”
With 0x and Harbor working toward similar visions, the two decided to team up to push security tokens forward. Sacks is also joining 0x as an advisor.
Harbor CEO, Josh Stein, commented on the collaboration:
“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.”
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The Most Secure Decentralized Asset
0x offers an incredibly stable trading process due to its decentralized nature. The startup’s CEO, Will Warren, argues that blockchain platforms are the ultimate way to provide transparent record-keeping. He claims that the 0x protocol is even better than traditional exchanges such as Coinbase, since those spaces are centralized:
“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. 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.”
Security tokens are different from conventional digital assets in that they represent ownership of a property instead of operating as more of a currency. Sacks believes that the real estate industry will lead the way into blockchain-based ownership. His reasoning stands in security tokens being easier to use than private shares and other traditional investments.
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