There have been reports recently that investment firm Republic Capital has purchased Astra’s tokens. However, Republic Capital says the purchase status regarding the altcoin project is flawed.
Republic Capital: We didn’t buy altcoins!
The whole story is based on a March 7 article by a crypto news site that investment firm Republic has purchased Astra Protocol’s tokens. Investment firm Republic Crypto has denied allegations that Astra Protoco has purchased 10 million ASTRA tokens. Contrary to testimony from an official from the related altcoin project this week, he suggested that Republic was given preloaded wallets containing ASTRA to test whether the platform would be viable.
Citing a press release from Astra Protocol, sources reported on March 7 that Republic had purchased the tokens. A Republic spokesperson later said the firm was reviewing the details in the draft press release that was sent regardless and objected. He also said that the draft press release in question contains an unauthorized quote from Republic crypto chief Andrew Durgee.
So what’s the point?
In a Telegram message dated March 9, Andrew Durgee said, “The Republic does not pay for these tokens and does not distribute the tokens. ASTRA is responsible for the financial and management aspects involved in this free trial.” In addition, Durgee provided the following detailed information:
Republic as a whole is exploring the feasibility of using Astra Protocol for KYC (Know Your Customer) without commitment. Republic is starting to promote Astra to issuers (companies rising through Republic), which will allow issuers to try their protocols for KYC purposes. Since you need ASTRA to use the Astra Protocol, issuers will receive pre-loaded wallets that will allow them to test the protocol.
Durgee says that Republic does not pay for these tokens and does not distribute the tokens. Republic also does not reserve tokens for compliance purposes. “ASTRA is responsible for the financial and management aspects involved in this free hearing,” Durgee continues. Finally, he makes the following statement:
Republic Capital Fund, Republic’s VC arm, invested in Astra Protocol in 2021. This was the last token transaction. No further investment deals in Astra have materialized since then.
Meanwhile, as we reported on Kriptokoin.com, Republic participated in the $9 million Astra funding round announced in March 2022. Switzerland-based decentralized platform Astra Protocol offers know-your-customer (KYC), know-your-employee (KYB) and anti-money laundering (AML) systems. Native Astra token is required to use the platform.
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