Legion Raises $2M for Merit-Based ICO Platform

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As a seasoned crypto investor with a decade of experience under my belt, I can confidently say that Legion’s emergence marks a significant turning point in the world of blockchain and digital assets.

Road Town, British Virgin Islands, August 27th, 2024, Chainwire

Legion aims to be among the pioneers in obtaining MiCA compliance, allowing unaccredited investors to participate in initial fundraisings and token sales earlier.

Today, Legion emerges to mark a new era of merit-based on-chain fundraising.

Based on the team’s assertion, Initial Coin Offerings (ICOs) have significantly changed the way blockchain projects secure funding. By providing an equal opportunity for individuals to invest in the early stages of new projects, they have fostered some of the most dedicated communities that the crypto world has ever witnessed. Examples include the LINKMarines, ThorChads, and ETH maxis.

Matt O’Connor, a cofounder at Legion, shared his experience with Initial Coin Offerings (ICOs). He enjoyed taking part in about six of them, yet he acknowledged their shortcomings. Deceitful activities, automated trading bots, and increased regulatory scrutiny led to the decline of on-chain fundraising. Now, price determination happens behind closed doors through private deals. The profit potential is seized off-chain, before regular investors can get a piece. These exclusive markets contradict the decentralized philosophy of cryptocurrency and leave projects financially sound but lacking an authentic community.

“Legion serves a unique function: offering fair access to fundraising via blockchain technology to upcoming crypto initiatives. It accomplishes this goal through its investor credibility and accountability framework, along with delivering regulatory guidance based on the most recent regulations. This combination ensures that for teams utilizing Legion, the potential risk-vs-reward balance when fundraising from retail users through the blockchain is comparable to that of seeking funding from venture capitalists.”

The founding members of Legion have experience with cryptocurrency fundraising through Initial Coin Offerings (ICOs), having worked on numerous projects that were funded this way – including current and past Top 50 market cap projects like Stacks, which is known as the first token offering to be qualified by the U.S. Securities and Exchange Commission (SEC).

“According to the Legion cofounder, Fabrizio Giabardo, it’s optimal to gather funding from retail investors on the blockchain as this fosters a community that shares your vision. However, there’s a risk involved because you can’t tell if your early backers will stay committed long-term or are merely automated bots. Legion’s accountability layer empowers teams to construct their retail supporter base using both on-chain and off-chain standards, thereby reducing the influence of short-term actors. This shift in incentives encourages everyone to think long-term.”

Legion has secured a $2M seed funding round, primarily supported by experienced founders, accelerators, and angel investors who are committed to its mission. This round was spearheaded by Cyber Fund, with additional contributions from AllianceDAO, Delphi Labs, CoinGecko, Mike Dudas, Alex Svanevik, Peter Smith, Maggie Love, Jon Wu, Ryan Watkins, LongHash, and other notable investors.

As a crypto investor, I recognize that for successful projects, it’s essential to maximize the value received per dollar invested. To achieve this, it’s crucial to secure funding from a balanced blend of retail and venture capital investors. Just as your initial team members shape a company’s culture, your first 100 to 1,000 token holders play a pivotal role in defining the community culture.

Through this recent funding phase, Legion is constructing a trustworthiness system and responsibility infrastructure, and working towards obtaining the required VASP/CASP licenses to enable pre-token crowdfunding campaigns and token sales for unaccredited investors, in accordance with MiCA regulations.

About Legion

Through regulatory compliance and ensuring accountability, Legion simplifies the process for retail investors to participate in on-chain fundraisers. For projects using Legion, customization options like allocation, whitelisting, discounts, and more can be set based on various on-chain and off-chain criteria related to each investor, thereby fostering a genuine, dedicated community of supporters.

To learn more about Legion and user’s Legion Score:

X | Farcaster | Website

Contact

Co-founder
Matt O’Connor
Legion
hello@legion.cc

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2024-08-27 16:40