Harbor

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Harbor Platform, Inc.
Harbor - hq.png
Founded 2017
Headquarters San Francisco, California
Key People Joshua Stein, CEO; David Sacks, Chairman of the Board
Products Trading platform for tokenized real estate investments
Twitter @harbor
LinkedIn Profile
Facebook HarborHQ
Website Harbor Homepage
Blog Blog

Harbor is a platform designed for the issuance and trading of private securities. It originally targeted real estate investments. BitGo, a South Dakota-registered cryptocurrency custodian, announced that it had acquired Harbor on February 18, 2020.[1]

Company history

Harbor Platform launched with $28 million in venture capital from Andreesen Horowitz and Pantera Capital as well as strategic investments from Craft Ventures, Vy Capital, and Valor Equity Partners.[2] The company developed its own "Regulated Token" or "R-Token," an ERC-20 token for securitizing real estate investments. [3]

Real estate offerings

On November 27, 2018 Harbor announced that it was registering investors to participate in a token offering of shares in Convexity Properties' $20.5 million apartment tower in Columbia, South Carolina. Convexity Properties is owned by DRW, which also owns Cumberland DRW LLC, a major OTC dealer and cryptocurrency trading platform. The blockchain based issuance was intended to allow a broader distribution of shares in the property than would normally be practical for a property of that size.[4] The transaction subsequently fell apart because of issues with the mortgage lender.[5]

Harbor changed gears in September 2019 to tokenize the securities issued by real estate investor iCap Equity, which held $100 million of real estate investments at the time. According to investment advisory firm Bradley Wealth, the tokenized securities will free investors to sell their investments more easily and will help attract investors with varying time horizons.[6]

Broker dealer license

On September 27, 2019 CEO Josh Stein told CoinDesk that Harbor had received its broker dealer license from FINRA. Stein also told CoinDesk, “We’re going to provide the technology platform to manage the fundraising, the technology to manage investors, the technology to tokenize and enable liquidity.”[7]

References