INVESTX, a new blockchain-backed business funding platform, has appointed former Royal Bank of Scotland (RBS) director Richard Chambers as chief operating officer.
In a 14 year-career with HSBC Leveraged Finance and RBS, Chambers has secured over £500m in bank funding for private equity-backed small- and medium-sized enterprises (SMEs), Investx said.
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The new platform will connect retail, accredited and institutional investors with SMEs looking to raise funds based on selling equity in their businesses. It will also offer a secondary market for investors.
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The firm will be holding an initial coin offering in the fourth quarter of this year and is currently seeking investors for its private sale.
“Through Investx, we will provide equity investment into smaller businesses in a cost-effective manner by using blockchain technology, and for the first time, we will build liquidity into the investments by creating a secondary market which means investors are not locked in for years,” said Chambers.
“This has the potential to revolutionise how SMEs access capital, and will align investors and businesses with the success of the business.”
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