Bitcoin Global News (BGN)
May 31, 2018 -- ADVFN Crypto NewsWire -- A Monster ICO is
incoming from the well known for cable producer. Monster Cables has
already filed with the SEC, and if completed will be one of biggest
ICOs of all time. “Monster money tokens” will be the native
currency to a new e-commerce site for selling their products called
“Monster Money Network.”
Monster
ICO
The company was founded in 1978,
and now makes electronic accessories such as headphones and
Bluetooth speakers. Monster Products, Inc. has not been profitable
recently, but a this $300 million ICO may be what it takes to turn
the company around.
It’s nothing new for tech companies
to attempt pivoting their products to blockchain to run ICOs and
gain capital, but this is the first consumer product to do
so.
They will create 500 million tokens
and sell as many as 300 million in a year long ICO, or until it
runs out. They also reserve the right to end it early. They will
also issue 75 million shares of common stock in the event that the
network fails to launch, they can be exchanged for tokens, instead
of returning money to the investors.
COMPETITION
The Monster Money Network will be
used for “for payment processing, market analysis, accounting,
audit and payroll services, inventory management and shipping
operation” relating to Monster products sold online. But more
importantly, they plan to bring on other e-commerce
platforms.
“We consider Amazon, Ebay and
Alibaba as examples of our main competitors with respect to the new
Monster Money Network and our existing e-commerce
platform.”
Walmart recently patented a
blockchain e-commerce website that involves P2P sales similar to
Ebay.
Leveraging Brand Recognition and
Blockchain
More than half the funds will be
used for technical development of the network, but about a third of
the remainder is designated for marketing the new platform, as well
as developing relationships with partners who will sell Monster
products.
“In the future, Monster intends to
leverage its global connections and brand visibility along with
blockchain technology to bring more and more other e-commerce
platforms onto Monster Money Network and expand the user base of
MMNY Tokens. We hope to set up the blockchain standard for
e-commerce platforms.”
By: BGN Editorial Staff
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