Former Paypal COO David Sacks Joins 0x Crypto Startup
As the nascent cryptocurrency industry continues to gain traction across the globe, talents from legacy industries have begun to flock to promising blockchain/crypto-centric startups. Most recently, David Sacks, the former chief operating officer (COO) of Paypal, has entered an advisory position at the well-known 0x project, reports Fortune.
According to the report, 0x, a well-known provider of a decentralized exchange protocol/system, has just announced a formal partnership with Harbor, a regulatory compliance platform aimed at certain forms of securities tokens. Along with establishing a working relationship, this move sees the aforementioned Paypal COO, who backs Harbor, take a position on the 0x advisory board.
Expressing his excitement for the news, Sacks issued a tweet, writing:
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.
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
Many saw this collaboration as a positive signal, as some proponents of emerging technologies believe that securities tokens will drive the adoption, growth, and maturation of the cryptosphere in the coming years. 0x CEO Will Warren, who is evidently a diehard advocate for securities tokens, expressed his hopes for this subset of crypto assets, stating:
In the next five years, there will be a massive shift away from securities being in closed systems that are highly regulated and hard to access. It will be a much more open system where trading location is less important. But for this to happen, there needs to be a security token tech stack.
Speaking with Fortune, Josh Stein, the CEO of Harbor, drew attention to the fact that 0x and Harbor are complementary of each other, making it clear that the two firms should mutually benefit from this recently-established bond. Stein explained:
0x and its growing network creates the opportunity to connect buyers and sellers around the world. By tackling the regulatory compliance challenges of tokenizing private securities, Harbor makes it easy for issuers and investors to abide by existing rules and regulations across jurisdictions.
Calling back to a previous report, Fortune brought up a conversation held with Paypal’s former COO, who holds a position as the co-founder of Harbor and a partner at Craft Ventures.
According to Sacks, the real estate industry will be the first legacy market and asset class to see a move onto blockchain-centric systems, as blockchain assets evidently make it easier to transact in the real estate market than the tedious, long-drawn-out processes involved with the traditional act of purchasing and selling land. Additionally, real estate-backed crypto assets can be easily be divided, which creates an opportunity for unique investment opportunities that will only be available via modern technologies.
0x (ZRX) Falls 5% In Correlation With The Market
Even in the face of positive news, it has become apparent that ZRX, the native crypto asset of the 0x ecosystem, fell in correlation with the rest of the market. At the time of writing, ZRX is worth $0.638 a piece and is down 4.88% in the past 24 hours.