Legion raises $2M to launch merit-based ICO platform

Legion (CRYPTO:LEGION) has raised $2 million in seed funding to develop a merit-based platform for on-chain fundraising, aiming to provide broader access to early-stage token offerings.

The platform plans to comply with the upcoming Markets in Crypto-Assets (MiCA) regulations, making it one of the first to offer such opportunities to non-accredited investors.

The Legion platform is designed to address challenges that have historically plagued Initial Coin Offerings (ICOs), such as scams and the dominance of private market deals.

By introducing an investor reputation and accountability layer, Legion seeks to align the incentives of early investors with those of the projects they support, reducing the risks typically associated with retail fundraising.

Legion’s founding team has extensive experience in the blockchain space, having previously worked on multiple projects funded through ICOs, including those that have ranked among the top 50 by market cap.

The platform’s cofounders, Matt O’Connor and Fabrizio Giabardo, emphasize the importance of building communities that are aligned with the long-term success of the projects they invest in.

The seed funding round was led by Cyber Fund, with contributions from several industry players, including AllianceDAO, Delphi Labs, CoinGecko, and a number of individual investors.

The funds will be used to build Legion’s reputation system and secure the necessary licenses to operate under the MiCA framework.

Legion’s approach allows projects to customize their fundraising strategies by using both on-chain and off-chain criteria to select investors, fostering a community of committed supporters.

This system also aims to minimize bot activity and short-term speculative behavior by assigning reputation scores that evolve based on investor actions.

As the platform moves forward, Legion aims to bridge the gap between retail investors and venture capital, creating a more inclusive environment for on-chain fundraising while adhering to regulatory requirements.

This initiative is seen as a step toward restoring trust in the ICO model by ensuring that the interests of both projects and investors are aligned from the outset.

At the time of writing, the Legion price was $0.003191.