The post Legion Raises $2M for Merit-Based ICO Platform appeared on BitcoinEthereumNews.com.

Road Town, British Virgin Islands, August 27th, 2024, Chainwire Legion plans to become one of the first MiCA-compliant CASPs and bring access to early fundraising and token offerings to non-accredited investors. Today, Legion emerges to mark a new era of merit-based on-chain fundraising. According to the team, Initial Coin Offerings (ICOs) revolutionized how blockchain projects fundraise. They offered equal opportunity to participate in the early stages of new projects, and as a result, created some of the strongest communities crypto has ever seen, such as the LINKMarines, ThorChads, and ETH maxis. “I participated in half a dozen ICOs. I loved them, but it was clear they had flaws. Scams, bots, and a regulatory clampdown killed on-chain fundraising. Now price discovery occurs in back-room deals. Investment upside is fully extracted off-chain, before everyday users have access. These private markets stand in stark contrast to crypto’s decentralized ethos and leave projects well-funded, but without any organic community.” – Legion cofounder Matt O’Connor Legion exists for a singular purpose: to provide equal opportunity access to on-chain fundraising for new crypto projects. It achieves this mission with its investor reputation and accountability layer, as well as by providing regulatory clarity offered by the latest regulations. Together, these features ensure that for teams using Legion, the risk-to-reward ratio of raising from retail users on-chain is competitive to that of raising from VCs. Legion’s founding team are no strangers to on-chain fundraising, having worked for multiple projects funded by ICOs – including current and former Top 50 projects by market cap such as Stacks, “the first SEC-qualified [token] offering in U.S. history”. “Raising from retail investors on-chain 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. Will they be long-term supporters? Are…

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Filed under: News - @ August 27, 2024 1:21 pm