Highway City, British Virgin Islands, August twenty seventh, 2024, Chainwire
Legion plans to turn into one of many first MiCA-compliant CASPs and produce entry to early fundraising and token choices to non-accredited traders.
As we speak, Legion emerges to mark a brand new period of merit-based on-chain fundraising.
In response to the workforce, Preliminary Coin Choices (ICOs) revolutionized how blockchain tasks fundraise. They supplied equal alternative to take part within the early phases of latest tasks, and because of this, created a number of the strongest communities crypto has ever seen, such because the LINKMarines, ThorChads, and ETH maxis.
“I participated in half a dozen ICOs. I loved them, but it was clear they had flaws. Scams, bots, and a regulatory clampdown killed on-chain fundraising. Now price discovery occurs in back-room deals. Investment upside is fully extracted off-chain, before everyday users have access. These private markets stand in stark contrast to crypto’s decentralized ethos and leave projects well-funded, but without any organic community.” – Legion cofounder Matt O’Connor
Legion exists for a singular goal: to supply equal alternative entry to on-chain fundraising for new crypto tasks. It achieves this mission with its investor status and accountability layer, in addition to by offering regulatory readability supplied by the most recent rules. Collectively, these options be sure that for groups utilizing Legion, the risk-to-reward ratio of elevating from retail customers on-chain is aggressive to that of elevating from VCs.
Legion’s founding workforce are not any strangers to on-chain fundraising, having labored for a number of tasks funded by ICOs – together with present and former Prime 50 tasks by market cap akin to Stacks, “the first SEC-qualified [token] offering in U.S. history”.
“Raising from retail investors on-chain is the best way to build an incentive-aligned community, but it can be risky because you don’t know who your early investors are. Will they be long-term supporters? Are they real or just sniping bots? Legion’s accountability layer allows teams to assemble their retail army based on on-chain and off-chain criteria, and slash the reputation of short-term actors. It changes the incentives, and aligns everyone to act long-term.” – Legion cofounder Fabrizio Giabardo
Legion is backed by various mission-driven earlier founders, accelerators, and angels, finishing a $2M Seed spherical led by Cyber Fund, with participation from AllianceDAO, Delphi Labs, CoinGecko, Mike Dudas, Alex Svanevik, Peter Smith, Maggie Love, Jon Wu, Ryan Watkins, LongHash, and others.
“For projects, it’s all about maximizing the amount of value per dollar raised. Raising from the right mix of retail and venture capital investors is crucial for the right community. Just as your first ten employees define company culture, your first 100 -1,000 token holders define community culture.” – Cyber managing accomplice and former Lido cofounder Konstantin Lomashuk
With this newest spherical, Legion is constructing its status system and accountability layer, and securing the required VASP/CASP licenses to facilitate pre-token fundraising rounds and token gross sales for non-accredited traders beneath MiCA.
About Legion
Legion makes investing in on-chain fundraises accessible to retail traders by means of regulatory compliance and investor accountability. Initiatives utilizing Legion can customise allocation, whitelist, reductions, and extra utilizing on-chain and off-chain standards about every investor, assembling an natural, die-hard, group of supporters. Every person on Legion is assigned a Legion Rating, in addition to subcomponent scores and achievements, reflecting their skill to add-value throughout a number of aspects and closely decreasing bot and Sybil exercise. These status scores change based mostly on how traders help the tasks they put money into, disincentivizing short-term, value-extractive sort behaviors.
To study extra about Legion and person’s Legion Rating:
Co-founder
Matt O’Connor
Legion
[email protected]
