Legion Raises $2M for Merit-Based ICO Platform
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
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
is
backed
by
a
number
of
mission-driven
previous
founders,
accelerators,
and
angels,
completing
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
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
With
this
latest
round,
Legion
is
building
its
reputation
system
and
accountability
layer,
and
securing
the
necessary
VASP/CASP
licenses
to
facilitate
pre-token
fundraising
rounds
and
token
sales
for
non-accredited
investors
under
MiCA.
About
Legion
Legion
makes
investing
in
on-chain
fundraises
accessible
to
retail
investors
through
regulatory
compliance
and
investor
accountability.
Projects
using
Legion
can
customize
allocation,
whitelist,
discounts,
and
more
using
on-chain
and
off-chain
criteria
about
each
investor,
assembling
an
organic,
die-hard,
community
of
supporters.
Each
user
on
Legion
is
assigned
a
Legion
Score,
as
well
as
subcomponent
scores
and
achievements,
reflecting
their
ability
to
add-value
across
multiple
facets
and
heavily
reducing
bot
and
Sybil
activity.
These
reputation
scores
change
based
on
how
investors
support
the
projects
they
invest
in,
disincentivizing
short-term,
value-extractive
type
behaviors.
To
learn
more
about
Legion
and
user’s
Legion
Score:
Contact
Co-founder
Matt
O’Connor
Legion
[email protected]
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