Skip to main content

Spirit Blockchain Capital and Troon Technologies Announce Collaboration with Alvara on ERC-7621 Token Standard Development

Please click to view image

Vancouver, British Columbia, March 11, 2024 (GLOBE NEWSWIRE) — In a collaborative effort, Spirit Blockchain Capital (CSE: SPIR), together with its subsidiary Troon Technologies, has partnered with software development firm Alvara to further the development of the ERC-7621 Token Standard, a new initiative aimed at enhancing blockchain-based fund management for institutional clients. This partnership marks a strategic move towards the integration of innovative blockchain solutions within the financial sector.

The ERC-7621 Token Standard is designed to facilitate the creation of on-chain, multi-asset tokenized baskets, offering a new framework for managing investment portfolios. By enabling the deployment of Basket Tokens, which can hold a variety of underlying ERC-20 tokens, the standard seeks to introduce a more versatile and efficient approach to fund management.

Utilizing the Ethereum blockchain, the ERC-7621 Token Standard aims to bridge the gap between the flexibility of blockchain technology and the needs of traditional investment vehicles. A pivotal component of this effort is the ERC-7621 LP token, which represents an investor’s share in a Basket Token Standard (BTS) portfolio. These tokens are transferable and tradable across exchanges, akin to shares of traditional Exchange-Traded Funds (ETFs), and are intended to enhance liquidity and provide arbitrage opportunities within the investment landscape.

The collaboration between Spirit Blockchain Capital, Troon Technologies, and Alvara is focused on leveraging the technical and operational expertise of each entity to realize the full potential of the ERC-7621 Token Standard. By combining their strengths, the partners aim to develop a robust framework for the deployment of Basket Tokens, thereby offering institutional investors a novel tool for portfolio management.

“Embracing innovation and the tokenization of financial assets remains a cornerstone of our strategy at Spirit Blockchain Capital,” stated Lewis Bateman, CEO. “The ERC-7621 Token Standard exemplifies our dedication to pioneering advancements in the digital asset space. We’re constantly on the lookout for developments that could redefine the financial landscape. Our commitment is to stay ahead, ensuring we remain at the cutting edge of financial innovation.”

“Through this partnership, we’re doubling down on our commitment to drive technological innovation in blockchain infrastructures, aiming to enhance the accessibility and efficacy of investment platforms,” remarked Paul Dube, CTO of Troon Technologies. “In collaboration with Alvara, we’re focusing on the technical nuances of the ERC-7621 Token Standard to fundamentally transform fund management practices. Our goal is to integrate the advanced capabilities of blockchain technology with the reliable frameworks of traditional finance, leveraging smart contracts, decentralized finance (DeFi) protocols, and blockchain’s inherent transparency to offer institutional clients cutting-edge investment solutions.”

The initiative is a testament to the growing recognition of blockchain’s potential to enhance the financial industry’s infrastructure, offering solutions that promise greater transparency, security, and efficiency

About Alvara Protocol

The Alvara Protocol revolutionizes decentralized finance (DeFi) by offering a platform for easily creating personal investment funds, democratizing the role of fund manager and lowering entry barriers in financial management. Enabled by the innovative ERC-7621 token standard, it introduces Basket Tokens (BTS) for on-chain multi-asset aggregation, simplifying the management and investment in diverse portfolios through a unified platform.

About Spirit Blockchain Capital
Spirit Blockchain Capital is a leading investment company at the forefront of the blockchain industry. Through our operational business line and asset management business, we provide investors with a range of opportunities for capital appreciation. With a strong focus on innovation, strategic investments, and operational excellence, Spirit Blockchain is poised to unlock the potential of the digital economy.

For media inquiries, please contact:
Lewis Bateman
Chief Executive Officer info@spiritblockchain.com

Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Factors that could materially affect such forward-looking information are described under the heading “Risk Factors” in the Company’s long form prospectus dated August 8, 2022, that is available on the Company’s profile on SEDAR at www.sedar.com. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents managements’ best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

The CSE has not reviewed, approved or disapproved the content of this press release.

 

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.