Republic, the third-largest equity crowdfunding portal in the U.S. that owns Seedrs, the largest portal in the U.K., has canceled its $75M Metaverse Real Estate Fund.
The fund focused on acquiring virtual real estate in NFT games like Sandbox, Axie Infinity, and Decentraland.
- The crypto winter and the U.S. Securities and Exchange Commission's (SEC) crackdown on the industry has pressured the fund's operations.
- In its recent update, Republic said that the SEC feedback and "other regulatory events" had led it to cancel the Regulation A offering.
- Republic is reportedly working to make adjustments to bring a similar offering to market eventually.
- In March of 2021, Republic launched the "Republic Realm Metaverse Real Estate Fund," available only to a few accredited investors.
- Over 500 other companies raised with Republic's Private and Public platforms.
