Legion raises $2M for performance-based ICO platform

[PRESS RELEASE – Road Town, British Virgin Islands, August 27th, 2024]

Legion plans to be one of many first MiCA-compliant CASPs and provide early fundraising and token issuance alternatives to non-accredited traders.

at the moment, Legion The emergence of ICO marks a brand new period of performance-based on-chain fundraising.

The crew said that the preliminary coin providing (ICO) has utterly modified the best way blockchain initiatives are financed. They supply equal alternative to take part within the early levels of latest initiatives, and because of this have created a number of the strongest communities in cryptocurrency historical past, corresponding to LINKMarines, ThorChads and ETH maxis.

“I participated in six ICOs. I cherished them, nevertheless it was clear they had been flawed. Scams, bots, and regulatory crackdowns killed on-chain fundraising. Value discovery now occurs in behind-the-scenes transactions. The funding benefit was misplaced earlier than on a regular basis customers may use it. Extracted utterly off-chain. These personal markets stand in stark distinction to the decentralized ethos of cryptocurrencies, permitting initiatives to be absolutely funded however with none natural group – Legion Co-Founder. Matt O’Connor

Legion exists for one objective: to offer equal on-chain fundraising alternatives for brand new crypto initiatives. It achieves this mission via its layer of investor fame and accountability, in addition to via the regulatory readability offered by the most recent laws. Collectively, these options make sure that for groups utilizing Legion, the risk-reward ratio of elevating capital from on-chain retail customers is extra aggressive than that of elevating capital from VCs.

Legion’s founding crew is not any stranger to on-chain fundraising, having labored on a number of ICO-funded initiatives, together with present and former prime 50 initiatives by market capitalization, corresponding to Stacks, “the primary undertaking to obtain SEC certification.” [token] Contributions to American Historical past”.

“Elevating funds from on-chain retail traders is one of the simplest ways to construct an incentivized group, however it may be dangerous since you don’t know who your early traders are. Will they turn into long-term backers? Are they actual or Simply sniper bots? Legion’s accountability layer permits groups to construct retail armies primarily based on on-chain and off-chain standards, and it modifications incentives for short-term gamers and empowers everybody to take long-term motion. folks Fabrizio Jabaldo

Backed by a bunch of mission-driven former founders, accelerators and angel traders, Legion closed a $2 million seed spherical led by Cyber ​​Fund, AllianceDAO, Delphi Labs, CoinGecko, Mike Dudas, Alex Svanevik, Peter Smith , Maggie Love options, Jon Wu, Ryan Watkins, LongHash, and extra.

“An important factor for a undertaking is to maximise the worth of each greenback raised. Elevating cash from the right combination of retail and enterprise capital traders is important to the fitting group. As outlined by your prime 10 staff Similar to firm tradition, your first 100-1,000 token holders outline group tradition – Cyber​​​ Managing Accomplice, former Lido co-founder. Konstantin Lomasuk

With this newest funding spherical, Legion is constructing out its fame system and accountability layer and acquiring the required VASP/CASP licenses to facilitate pre-token fundraising and token gross sales from non-accredited traders underneath MiCA.

About Legion

Legion By regulatory compliance and investor accountability, retail traders can put money into on-chain fundraising. Initiatives utilizing Legion can use every investor’s on-chain and off-chain requirements to customise allocations, whitelists, reductions, and so forth., thereby forming an natural, die-hard supporter group. Every person on Legion is assigned a Legion rating in addition to subcomponent scores and achievements, reflecting their capacity so as to add worth in a number of areas and considerably cut back bot and Sybil exercise. These fame scores fluctuate primarily based on how nicely traders help the initiatives they put money into, thereby inhibiting short-term, value-extraction sort conduct.

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