Finova Financial said May 11 that Jeremy Gardner, David Namdar, and Vishal Gurbuxani have joined as investors and advisers. Finova, a digital financial services provider, has raised $100 million in capital.
WEST PALM BEACH, Fla.–(BUSINESS WIRE)–Finova Financial, a digital financial services provider transforming the future of global financial services, announced today that blockchain/crypto pioneers Jeremy Gardner, David Namdar, and Vishal Gurbuxani have joined Finova as investors and advisors. Full details and white list sign up can be found at https://jco.finovafinancial.com/.
“We’ve been working to create a new way to democratize the capital raising process for companies that were traditionally backed by the venture capital model,” says Finova CEO Gregory Keough. “We’re very excited to be working with these leaders in the crypto/blockchain space to forge a new crypto/blockchain pathway for raising capital.”
Keough has introduced the idea of a new crowdfunding mechanism called the Jobs Crypto Offering (JCO), which, if completed, would give investors the opportunity to invest in equity ownership of privately held companies using cryptocurrency. In a JCO, tokens representing ownership of shares of capital stock in a privately-held company would be tracked on a distributed ledger, or blockchain, and would initially be sold pursuant to a registration statement filed under the Securities Act or, for a transaction exempt from registration under the Securities Act, pursuant to Regulation A+.
The JCO model has been selected as the focus initiative for the newly-formed Institute for Blockchain Innovation, a think tank comprised of pioneers in both the traditional and the blockchain-based financial systems, along with leaders from corporate, regulatory, entrepreneurial, venture capital, and governmental backgrounds. The Institute is dedicated to establishing standards and best practices to enable and encourage the global community to take advantage of the full power of the blockchain.
“I see a day when blockchain and crypto replace Wall Street with something bigger and better,” says Gardner, whose “Crypto Castle” incubator is a modern-day legend. “I think the market will soon learn that many ICOs now are like a throwback to the days of adding a .com to a failing business or struggling startup. This new JCO model represents something real in equity tokens where ownership is recorded on a blockchain.”
“Taking business and investment to the blockchain is not only a natural progression, but an exciting vision for lowering barriers to entry while creating a more accurate, transparent, and agile process,” says Gurbuxani. “Finova is the perfect fit for the first company taking investment to the blockchain in this new way with the JCO. Finova already raised $100M in venture capital and private equity and it’s an established company with real products that its customers love.”
About Finova Financial
A digital financial services provider transforming the future of global financial services, National Financial Holdings, Inc. (known as “Finova”) develops fair and affordable financial technologies to create a more inclusive financial system and provide a path to financial health for the 2 billion people outside of the traditional financial system. Founded in 2015 by a team of financial services, technology and payment experts, Finova is backed by leading Silicon Valley venture capital firms and Wall Street private equity investors.
For more information about Finova: www.finovafinancial.com
For more information about the JCO: www.instituteforblockchaininnovation.org
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