Crypto startup Legion secured $5 million in a seed funding round. VanEck and Brevan Howard Digital led the investment.
This Legion seed round aims to develop a platform for responsible token sales. Kraken, along with the venture arms of Coinbase and Crypto.com, also participated in the round. Founders Fabrizio Giabardo and Matt O’Connor declined to disclose the startup’s valuation. The funding includes both equity and token warrants.
Building a Compliant ICO Framework
Legion’s platform seeks to reintroduce Initial Coin Offerings (ICOs) with enhanced compliance. The company’s approach addresses past scam concerns by adhering to new regulatory frameworks. This includes the European Union’s statutes for early token launches.
The founders have engaged with the SEC to discuss disclosure requirements for public sales. This proactive engagement underscores Legion’s commitment to robust cryptocurrency regulation. The platform aims to provide clear, understandable disclosures for investors.
The capital injection coincides with a resurgence in token sales. Recently, Plasma raised $500 million, and Pump.fun secured $600 million through public sales. Another platform, Sonar, also launched for ICOs. Legion leverages its founders' experience in traditional finance and blockchain technology to navigate this evolving landscape.
