A Space-based massive multiplayer online roleplaying game (MMORPG), Infinite Fleet raised most of the funding arrived in the form of Simple Agreements for Future Tokens

Infinite Fleet’s developer announced last month that its first funding round for its security token was live, allowing the company to raise development funding by offering its EXO security token, which provides non-voting equity with profit-sharing features.

Last Friday, the company announced that most of the funding ($2.5 million) came in the form of Simple Agreements for Future Tokens (SAFTs) led by personalities like Adam Back, Charlie Lee and Max Keiser.

The token sale allows anyone to own a share of the business while also supporting the game, earning part of the company’s profits if the game is successful.

While traditional crowdfunding comes in the way of pre-sales or donations, using the token will make sure that the interest of investors and the company align.

The use of blockchain technology in the tokenization of securities allows its holders to trade them at any time securely and transparently, providing them with true ownership over the assets and removing intermediaries.

The token will be registered with the United States Securities and Exchange Commission (SEC) and Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg as the company claims it is fully compliant with current regulations.

Infinite Fleet’s security token offering is taking place in partnership with BnkToTheFuture and Stokr, with the sale already taking place in BNkToTheFuture.

BnkToTheFuture was founded by Simon Dixon, Ex-director of the UK Digital Currency Association and UK CrowdFunding Association, and it has become one of the largest online investment platforms for investors interested in the financial technology (FinTech) and crypto industries.

Infinite Fleet’s official in-game currency is the INF token, a cryptocurrency that can be taken and purchased out of the game using a player’s crypto wallet and providing them with true ownership of any assets acquired in the game.

Infinite Fleet will use a Proof-of-Participation algorithm that is practically a gamified version of proof-of-work. Players will be able to “mine” the currency by participating in the game and in special events where INF will be awarded, just like gold or other currencies would be earned in other MMORPGs.

INF will be issued using the Liquid Network, a layer-two network built over the Bitcoin blockchain that will use federated signings and real-time Bitcoin pegging to allow high-frequency transactions while maintaining decentralization.

The post Infinite Fleet raises $3.1M in private security token offering appeared first on Coin Journal.

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