David Sacks, the former chief operating officer for PayPal and co-founder of Harbor, has taken up an advisory role with the security token startup 0x.
Harbor, a compliance service for tokens that Sacks co-founded, has recently formed a working partnership with 0x according to a report published by Fortune. As part of this new working relationship, former PayPal COO Sacks has been brought onto the advisory board — something that he himself is extremely excited about.
He tweeted the news himself, stating that 0x is currently one of the most important projects in crypto.
Excited to join the advisory board of @0xProject – one of the most important projects in crypto – which is helping to build the security token tech stack along with @craft_ventures portfolio companies @harbor and @BitGo. https://t.co/70K76QwuvN
— David Sacks (@DavidSacks) September 7, 2018
The Harbor/0x Security Token Startup Will Revolutionize Securities Compliance
Collaboration between the two has been seen as a positive move, with many insiders believing that it will lead to an industry standard that will improve the adoption, growth, and maturity of security tokens.
Currently, investments into real estate, corporate shares, and other traditional investments are performed using highly regulated, closed systems that are predominantly location dependent. 0x, a protocol for trading tokens founded by Will Warren and Amir Bandeali, is seen by many as the key to finally allowing security tokens to be traded using blockchain technology in regulatory compliance across borders, thanks to the addition of Harbor’s token compliance solution.
Harbor Confident of Positive Future Changes for Security Tokens
Security tokens are simply a representation of a physical asset that has been built on blockchain technology. Because security tokens are subject to regulation, the process between issuance and delivery is far slower than the speeds that are touted by classical cryptocurrencies, like Bitcoin, Ethereum and Litecoin.
Speaking with Fortune, Harbor CEO Josh Stein summed up what this partnership could achieve. He complimented the idea behind 0X and the fact that the partnership with the startup will now offer both investors and issuers the ability to comply with regulations when tokenizing private securities.
“0x Connecting Buyers and Sellers Around the World”
One of the key advantages to 0x is that it connects buyers to sellers across the globe. This was pointed out by 0x CEO Will Warren, who also had his say on what he hopes this new partnership will bring for the future of security tokens.
In Warren’s statement, it appears he is confidently one step ahead of the securities market and where it is heading. He has been spearheading 0x’s preparations for what he predicts to be a major shift towards open trading systems that will be less dependent on location. He specifically said that there will be a shift away from the current highly regulated and difficult to access securities within the next half a decade.
With William’s borderless securities token issuing protocol from 0x and David Sack’s compliance service offered by Harbor, the two are essentially a match made in heaven. This is an exciting development and one that might just allow the easier and more efficient trading of physical assets via blockchain technology in the future.