Indiegogo, the crowdfunding website, is getting into the initial coin offering (ICO) game.
The startup revealed today that, through an existing partnership with MicroVentures, it will begin offering services around the blockchain funding model. The first sale is for the Fan-Controlled Football League which, according to its website, is seeking to create a user-driven model for American football teams.
Specifically, accredited investors purchase Simple Agreements for Future Tokens (SAFTs), with the tokens set to be delivered at a later date. The mode has been used by a number of ICOs in recent months, and according to the page on MicroVentures, $915k has been raised from 9 investors thus far in the new ICO.
The launch is a notable one given Indiegogo’s size and influence in the crowdfunding platform ecosystem. Indiegogo first went live in early 2008, and the move comes more than a year after it moved to offer access to equity crowdfunding.
Through this lens, Indiegogo is effectively moving to bill itself as a new hub for ICOs – specifically, those that are compliant with U.S. regulations around securities.
In statements, the startup said that the move to embrace ICOs was a natural fit given its crowdfunding work to date, noting:
“In some ways, cryptocurrency and blockchain technologies are poised to change everything. But for us, this is simply another way of doing what we’ve been working on for the past decade. It’s a powerful way to help people unite around ideas that matter to them, and together make them come to life. Now, 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.”
According to The New York Times, Indiegogo is working with law firm Cooley LLP on the initiative. Slava Rubin, one of the startup’s founders, told the publication that “we want to bring a brand of trust to the entire industry” through the ICO initiative.
Image via Indiegogo