Famous crowdfunding platform Indiegogo is the latest to join the cryptocurrency bandwagon as it teams up with MicroVentures to offer services for blockchain investment and initial coin offerings through its platform. Indiegogo, who has brought several interesting projects to life by generating funds through its open crowdfunding platform, feels that it is the right time to chip in the cryptocurrency digital space.
As the digital currency landscape is slowly spreading into the mainstream use of money transactions, Indiegogo has announced that the platform will be hosting a few selected number of Initial Coin Offerings (ICOs) while working in tandem with MicroVentures. This year itself, ICOs have contributed more than $3.6 billion to the crypto markets which is said to be much higher than the amount raised by venture capitals during the same period.
Although the ICOs will be listed on Indiegogo, supporters and backers will have to invest through a portal called as First Democracy VC. This is an SEC-registered equity crowdfunding portal developed by the joint partnership between MicroVentures and Indiegogo. As per the Indiegogo blog post, 30 companies have managed to raise above $7.53 million in the first year of formation of First Democratic VC. Indiegogo and MicroVentures came together last year to host equity crowdfunding campaigns as per the regulations framed through the 2012 JOBS Act.
Indiegogo in a statement said that adopting ICOs was a natural consideration given its work of crowdfunding to date. Indiegogo writes “For us, this is simply another way of doing what we’ve been working on for the past decade. … We’re ready to become the go-to platform for selling and investing in digital tokens and blockchain-based assets, and we can’t wait for you to join us.”
The first ICO to be listed on the First Democratic VC is a Fan Controlled Football League. As the name suggests, this is a completely democratized sports league wherein decisions are made completely by fans. This include like calling of team plays in real time, choosing team names, deciding which player is on the field as well as designing the uniform for the teams.
FCFL is currently conducting its token pre-sale for the next ten days wherein they are selling tokens worth $5 million and are giving away bonus tokens, 25% extra, as an added reward for early investor support. In the coming year 2018, FCFL will be conducting its next phase of ICO and plans to publicly sell the tokens without any bonus. Hence the bonus benefit will be available to only those investors who pledge their support in these 10 days. For more information on FCFL token sale, visit the MicroVentures website.
Moreover, the FCFL white paper shows that it wants to take the benefit of the Ethereum blockchain to “maintain ledger-based transparency for all fan-driven decisions and reward allocations.” Interested backers and supporters need to first enter into a Simple Agreement for Future Tokens (SAFT) by going to the First Democracy VC Portal. FCFL’s currency is called as FAN tokens and the one holding more number of FAN tokens will have a higher authority over the decisions made.