Agora AltX has launched a first of its kind blockchain technology, PathchainTM.
Agora’s technology and service offering, which launched on 25 January in Los Angeles, has been customised for Opportunity Zone fund administration, a new provision in the 2017 Tax Cuts and Jobs Act, which provides investors capital gain tax benefits.
The Agora AltX Platform offers a suite of products and services that lower the overall cost structure of the Opportunity Zone fund, including digital setup for subscriptions, disbursement and operating bank accounts, sub-accounting detail and documentation storage and Opportunity Zone business and investor tracking and reporting.
Agora also offers investment tools for Opportunity Zone funds to provide their investors. These tools include investor tax optimisation, charitable giving analysis, Opportunity Zone portfolio management, and streamlined know your customer, anti-money laundering and accreditation checks.
Agora AltX’s blockchain technology provides vaulted data security, record transparency, and bank account validation, to keep complete and timely records, counteract fraud and abuse, and promote integrity in Opportunity Zone investments.
Nico Willis, co-founder and managing director at Agora AltX, said: “The inspiration behind Agora AltX, was to provide a disruptive technological solution that could effectively address the industry’s three greatest threats—cost inefficiency, transactional accountability and data security. This will be a game changer.”
Kyle Walker, co-founder and managing director at Agora AltX, commented: “Fund managers can initiate financial transactions from the Agora AltX interface, knowing complete records are being instantaneously recorded, and distributed to permissioned users. The time and cost savings realized are tremendous and differentiated from other products in the marketplace.”
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