Legion plans to be one of the first MiCA-compliant CASPs

by Giorgi Kostiuk

2 years ago

Made with AI

Legion Emergence
Goals and Approach
Support and Future

Legion aims to be one of the first MiCA-compliant CASPs and provide access to early fundraising and token offerings for non-accredited investors.

Legion Emergence

Today, Legion marks the beginning of a new era of merit-based on-chain fundraising. ICOs revolutionized the fundraising methods for blockchain projects, offering equal opportunities for early-stage participation and creating some of the strongest communities in crypto, such as 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 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

Goals and Approach

Legion exists for a singular purpose: to provide equal opportunity access to on-chain fundraising for new crypto projects. The organization achieves this mission with its investor reputation and accountability layer, as well as through regulatory clarity offered by the latest laws. These features ensure that for teams using Legion, the risk-to-reward ratio of raising from retail users on-chain is competitive with similar mechanisms from venture capitalists.

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

Support and Future

Legion is backed by a group 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.

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