Roadtown, British Virgin Islands, August 27, 2024, Chainwire
Legion plans to be one of the first CASPs to be MiCA compliant, providing access to early-stage funding and token offerings to non-accredited investors.
Today, Legion heralds a new era of merit-based on-chain fundraising.
According to the team, ICOs (Initial Coin Offerings) have revolutionized the way blockchain projects raise funds. ICOs have provided equal opportunities to participate in the early stages of new projects, and as a result, have created some of the strongest communities in the history of cryptocurrencies, such as LINKMarines, ThorChads, and ETH maxis.
“I participated in 6 ICOs. I loved them, but it was clear that they were flawed. On-chain fundraising was dead due to scams, bots, and regulatory crackdowns. Now, price discovery happens in backroom trading. Investment upside is completely extracted off-chain before it is accessible to everyday users. These private markets are a stark contrast to the decentralized ethos of crypto, with projects well funded but without an organic community.” – Legion Co-founder Matt O’Connor
Legion exists for one purpose: to provide equal opportunity access to on-chain fundraising for new cryptocurrency projects. It achieves this mission through investor reputation and layers of accountability, while providing regulatory clarity provided by the latest regulations. Together, these features ensure that teams using Legion have a risk-to-reward ratio for raising on-chain from retail users that is competitive with the rate of raising from VCs.
Legion’s founding team is familiar with on-chain fundraising, having worked on several projects funded by ICOs, including a top 50 project by market cap, Stacks, and, in the past, the first SEC-qualified (token) offering in U.S. history.
“Raising money from on-chain retail investors 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. Are they long-term supporters? Are they genuine? Or are they just sniping bots? Legion’s accountability layer allows teams to build a retail army based on on-chain and off-chain criteria, and discredit short-term actors. It changes incentives and forces everyone to act long-term.” – Fabrizio Giabardo, Legion Co-Founder
Legion is backed by a number of mission-driven founders, accelerators, and angel investors, having completed a $2M seed round 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 more.
“For projects, it’s important to maximize value per dollar raised. Raising from the right mix of retail and venture capital investors is essential for the right community. Just as the first 10 employees define the culture of a company, the first 100-1,000 token holders define the culture of a community.” – Konstantin Romashk, Cyber Managing Partner and former Lido Co-Founder
Through this round, Legion is building out its reputation system and accountability layer, as well as securing the VASP/CASP licenses required to facilitate a pre-token fundraising round and token sale to non-accredited investors under MiCA.
Introducing the Legion
Legion enables retail investors to invest in on-chain fundraising with regulatory compliance and investor accountability. Projects using Legion can build an organic and enthusiastic community of supporters by customizing allocations, whitelists, discounts, etc. using on-chain and off-chain criteria for each investor. Each user in Legion is assigned a Legion score and sub-component scores and achievements that reflect their ability to add value across multiple dimensions and significantly reduce bot and Sybil activity. These reputation scores change based on how well investors support the projects they invest in, disincentivizing short-term, value-extracting types of behavior.
To learn more about Legion and your Legion Points:
X | Pacaster | Website
Contact
Co-founder
Matt O'Connor
corps
(email protected)
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