July 21, 2024

Republic closes its virtual real estate fund

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Republic Closes Its Virtual Real Estate Fund

Investment platform Republic has announced the closure of its Virtual Real Estate Fund (RRMREF) due to requirements from the U.S. Securities and Exchange Commission (SEC).

"Based on the feedback we've received from the SEC, as well as other documents that have emerged since we started the process, we no longer see a path forward," the company explained.

The fund, which was launched in March 2021, has invested in virtual real estate on platforms such as the Sandbox, Axie Infinity, and Decentraland.Since then, the company has raised $75 million in investment.However, the collapse of FTX and the subsequent constant inspections by the SEC have created many problems.RRMREF is now in limbo, having not been able to withdraw investors' funds since December 2021.

At the end of January, there were reports that the SEC had begun probes of Wall StreetMost of all, representatives of the regulator are interested in the compliance of licensed investment advisors with the rules and regulations regarding the storage of clients' crypto assets.

Meanwhile, the largest cryptocurrency exchange Binance has begun to form a consortium of crypto companies, the task of which will berestoring confidence in the industry after the collapse of the FTX exchange.cryptocurrency projects, marketplaces, and blockchain analytics companies.Members of the group are going to interact with legislators and regulators, lobbying for a softening of attitudes towards the crypto industry.