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RACE unveils its RWA marketplace built with OP Stack

source-logo  cryptobriefing.com 18 March 2024 20:41, UTC

RACE has announced the launch of the testnet of its full-stack blockchain ecosystem designed to tokenize investable assets, following a successful $5 million fundraising effort. The platform aims to offer accredited and institutional investors a novel way to engage with high-value real-world assets (RWA) such as aircraft, real estate, and art.

“We have spent years building this tech stack to connect investors with the most high-end assets in the global market,” Miguel Buffara, Lead Finance Engineer at RACE, stated. “By empowering clientele to invest in assets from around the globe, tokenized on-chain, RACE is kicking off a new era of growth in developing markets by enabling liquidity to move around the globe and boost international economic development.”

A key feature of the RACE ecosystem is the integration of Decentralized Investment Committees (DICs), which consist of industry experts tasked with conducting due diligence on potential investment opportunities. Buffara explains to Crypto Briefing that the DIC will review tokenization applications in a thorough process of due diligence, focusing on the viability, compliance, and value of assets before they are tokenized and made available on the platform.

“If approved, the client can choose one of our smart contracts templates and issue a token, NFT [non-fungible token], or whatever it is regarding the project, and then the asset is tokenized inside the RACE chain, ready to be distributed to RACE Smart Wallet users.”

The Lead Finance Engineer at RACE states that the asset distribution models applied at XP and Nubank, an asset management firm and a neo-bank, both from Brazil. The goal is to onboard new users through the RACE Smart Wallet to the on-chain economy, without needing them to know what a blockchain is. The wallet is also free of fee payments by using gas abstraction and has cross-chain compatibility.

“Once they have access to these tokenized products, they will be able to use these products on whatever infrastructure, such as a lending protocol, they feel comfortable with. […] Putting these assets on the blockchain leaves users available to get loans from any bank of the world.”

RACE is a layer-2 blockchain infrastructure built via OP Stack, the software development kit built by Optimism. The ecosystem is set to overcome traditional barriers in the high-value asset investment sector, such as geographical limitations and opacity, which have historically restricted access to the ultra-wealthy, simplifying the use of crypto through a user-friendly wallet to facilitate seamless investor onboarding.

Buffara added to Crypto Briefing that RACE is in the process of becoming one of Optimism’s Superchain networks. The Superchain is an ecosystem created by Optimism, which connects different blockchains built using its OP Stack.

Krisanth Sivarajh, Director of Project Management at RACE, emphasized the user-centric design of the platform. “Our aim was to create infrastructure that can evolve to make each investment journey uniquely personal and highly efficient,” he concludes.