2024-8-28 20:21 |
Legion aims to establish itself as a pioneer in MiCA compliance for CASPs, enabling non-accredited investors to participate in early fundraising and token offerings.
Today, Legion rises to signify a fresh era of fundraising based on merit within the blockchain.
The team claims that Initial Coin Offerings (ICOs) have completely transformed how blockchain projects raise funds. They provided equal opportunities for participation in the early stages of new projects, forming incredibly strong communities within the crypto space. Notable examples include 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’s mission is to ensure all new crypto projects have fair and equal access to on-chain fundraising opportunities. It accomplishes its mission through its strong investor reputation, commitment to accountability, and the added benefit of regulatory clarity provided by the latest regulations. With these features in place, teams using Legion can rest assured that the risk-to-reward ratio of raising funds from retail users on-chain is just as competitive as raising funds from VCs.
Legion’s founding team has extensive experience in on-chain fundraising, having worked on multiple projects funded by ICOs. These projects include current and former Top 50 projects by market cap, such as Stacks, which holds the distinction of being 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 they real or just sniping bots? Legion’s accountability layer allows teams to assemble their retail army based on on-chain and off-chain criteria, and slash the reputation of short-term actors. It changes the incentives, and aligns everyone to act long-term.” – Legion cofounder Fabrizio Giabardo.
Legion has received strong support from diverse mission-driven individuals and organizations. They recently completed a $2M Seed round, with Cyber Fund leading the way and participation from notable names such as AllianceDAO, Delphi Labs, CoinGecko, Mike Dudas, Alex Svanevik, Peter Smith, Maggie Love, Jon Wu, Ryan Watkins, LongHash, and others.
“For projects, it’s all about maximizing the amount of value per dollar raised. Raising from the right mix of retail and venture capital investors is crucial for the right community. Just as your first ten employees define company culture, your first 100 -1,000 token holders define community culture.” – Cyber managing partner and former Lido cofounder Konstantin Lomashuk.
Legion is currently focused on developing its reputation system and accountability layer, as well as obtaining the required VASP/CASP licenses to enable pre-token fundraising rounds and token sales for non-accredited investors under MiCA regulations.
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