A US tech startup wants to gamify the legal system by allowing people to bet on civil lawsuits with cryptocurrency.
If there’s been one major takeaway from the past two years, it’s that the stock market isn’t the allusive, exclusive arena it used to be; just look at the GameStop Reddit saga last year, with everyday traders taking on the white-collar wolves with nothing but stubbornness and teamwork.
Whether it’s a fad or a more permanent fixture of our day-to-day monies, cryptocurrencies like Bitcoin and meme stocks have reeled in wannabe investors all across the world. Now, a startup wants to take that interest and ‘make access to justice more affordable’.
Kyle Roche, a trial lawyer and one of Ryval’s founders, spoke to VICE about the firm’s ambitions to allow Americans to buy and trade associated crypto tokens ‘initial litigation offerings’. ‘What I want to do is make the federal court system more accessible for all,’ he said.
The website states, ‘Buy and sell tokens that represent shares in a litigation and access a multi-billion dollar investment class previously unavailable to the public’, with the promise of ‘50%+ Annual Returns,’ a figure Roche later admitted to possibly being ‘a little high’.
‘What we do is: tell the story, vet the legal claim, and then allow the public to invest and give you the funds to go and litigate your case. And what does the public get in return? The public gets an interest in the outcome of your suit,’ Roche explained.
More specifically, using the Avalanche blockchain, the firm will allow investors to purchase tokens associated with a case and hold or trade them on the open market. When the verdict or settlement arrives, the owner of the token can cash in.
There’ll also be a comments section where concerns about claims can be raised, as well as all of them being vetted. ‘Exposing the idea and the lawsuit to the market serves as a good gating function. I believe that access to capital creates a better justice system,’ he added.
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