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:
X | Farcaster | Website
Contact
Co-founder
Matt
O'Connor
Legion
hello@legion.cc