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

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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."