Legion Raises $2M for Advantage-Based mostly ICO Platform

Street City, British Virgin Islands, August twenty seventh, 2024, Chainwire

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

At the moment, Legion emerges to mark a brand new period of merit-based on-chain fundraising.

Based on the group, Preliminary Coin Choices (ICOs) revolutionized how blockchain tasks fundraise. They supplied equal alternative to take part within the early phases of latest tasks, and in consequence, created among the strongest communities crypto has ever seen, such because the LINKMarines, ThorChads, and ETH maxis.

“I participated in half a dozen ICOs. I liked them, but it surely was clear they’d flaws. Scams, bots, and a regulatory clampdown killed on-chain fundraising. Now value discovery happens in back-room offers. Funding upside is totally extracted off-chain, earlier than on a regular basis customers have entry. These personal markets stand in stark distinction to crypto’s decentralized ethos and depart tasks well-funded, however with none natural group.” – Legion cofounder Matt O’Connor

Legion exists for a singular function: to supply equal alternative entry to on-chain fundraising for brand spanking new crypto tasks. It achieves this mission with its investor popularity and accountability layer, in addition to by offering regulatory readability supplied by the most recent rules. Collectively, these options be certain 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 group aren’t 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 primary SEC-qualified [token] providing in U.S. historical past”.

“Elevating from retail buyers on-chain is one of the best ways to construct an incentive-aligned group, however it may be dangerous since you don’t know who your early buyers are. Will they be long-term supporters? Are they actual or simply sniping bots? Legion’s accountability layer permits groups to assemble their retail military primarily based on on-chain and off-chain standards, and slash the popularity of short-term actors. It adjustments the incentives, and aligns everybody to behave 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 tasks, it’s all about maximizing the quantity of worth per greenback raised. Elevating from the correct mix of retail and enterprise capital buyers is essential for the proper group. Simply as your first ten workers outline firm tradition, your first 100 -1,000 token holders outline group tradition.” – Cyber managing companion and former Lido cofounder Konstantin Lomashuk

With this newest spherical, Legion is constructing its popularity system and accountability layer, and securing the required VASP/CASP licenses to facilitate pre-token fundraising rounds and token gross sales for non-accredited buyers beneath MiCA.

About Legion

Legion makes investing in on-chain fundraises accessible to retail buyers 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 consumer on Legion is assigned a Legion Rating, in addition to subcomponent scores and achievements, reflecting their capability to add-value throughout a number of sides and closely lowering bot and Sybil exercise. These popularity scores change primarily based on how buyers assist the tasks they put money into, disincentivizing short-term, value-extractive kind behaviors.

To be taught extra about Legion and consumer’s Legion Rating:

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ContactCo-founderMatt O’ConnorLegionwhats up@legion.cc

This text was initially revealed on Chainwire