Highway City, British Virgin Islands, August 27, 2024, Chainwire

Legion plans to be one of many first MiCA-compliant CASPs and supply non-accredited buyers entry to early stage fundraising and token choices.

Right this moment, Legion is ushering in a brand new period of merit-based on-chain fundraising.

In accordance with the staff, Preliminary Coin Choices (ICOs) have revolutionized the way in which blockchain tasks are funded. They supply an equal alternative to take part within the early phases of recent tasks, leading to a few of the strongest communities in cryptocurrency historical past, together with LINKMarines, ThorChads, and ETH maxis.

“I've participated in six ICOs. I cherished them, however it was clear that there have been drawbacks. On-chain fundraising has halted attributable to fraud, bots, and regulatory crackdowns. Worth discovery now occurs behind the scenes. Funding beneficial properties are extracted completely off-chain earlier than being accessed by most of the people. These non-public markets are in stark distinction to the decentralized spirit of cryptocurrency, the place tasks are nicely funded however don’t have any natural neighborhood.” – Matt O'Connor, co-founder of Legion

Legion exists for the only real function of offering equal entry to on-chain fundraising for brand new crypto tasks. It achieves this mission by a layer of investor status and accountability, and the regulatory readability offered by trendy rules. These options mix to make sure that for groups utilizing Legion, the chance/reward ratio of fundraising from on-chain retail customers is aggressive with that of fundraising from VCs.

Legion's founding staff isn’t any stranger to on-chain fundraising, having been concerned in a number of tasks funded by ICOs, together with a few of the prime 50 tasks by market cap (present and previous), comparable to Stacks, “the primary ever SEC-certified (token) providing in the US.”

“Elevating funds from on-chain non-public buyers is the easiest way to construct a neighborhood that aligns incentives, however it may be dangerous as you don't know who your early buyers are. Will they turn out to be long-term backers? Are they actual or sniper bots? Legion's accountability layer permits groups to prepare non-public buyers based mostly on on-chain and off-chain standards, considerably decreasing the status of short-term actors. This modifications incentives and aligns everybody to behave for the long run.” – Fabrizio Giabardo, co-founder at Legion

Legion is backed by many mission-driven former founders, accelerators and angel buyers, and simply closed 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.

“Tasks are all about maximizing worth per greenback raised. Elevating funding from the correct mix of retail and enterprise capital buyers for the suitable neighborhood is crucial. Similar to the primary 10 workers outline the corporate tradition, the primary 100-1,000 token holders outline the neighborhood tradition.” – Konstantin Romashuk, Cyber ​​Managing Companion and former Lido co-founder

With this newest spherical, Legion is constructing a status system and accountability layer, and securing the required VASP/CASP licenses to facilitate a pre-token fundraising spherical and token sale for non-accredited buyers below MiCA.

About Legion

Legion makes on-chain fundraising investments accessible to retail buyers by regulatory compliance and investor accountability. Tasks utilizing Legion can customise allocations, whitelists, reductions, and extra utilizing on-chain and off-chain standards for every investor to prepare a neighborhood of natural, passionate supporters. Every Legion consumer is assigned a Legion Rating, Subcomponent Rating, and Observe Report, reflecting their means so as to add worth throughout a number of dimensions and considerably decreasing bot and sybil exercise. These status scores change based mostly on how buyers help the tasks they spend money on, discouraging short-term value-extracting conduct.

To study extra about Legion and your Legion rating:

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contactCo-FounderMatt O'ConnorLegionHiya.

This text was first printed on Chainwire