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The fundraising also attracted participation from Kraken, Coinbase Ventures, and Crypto.com.
Legion plans to use the funds to build “a go-to platform where companies can, responsibly, sell tokens to small-time traders.”
The announcement comes amid a re-emergence of initial coin offerings, as highlighted by stablecoin-focused layer-1 blockchain Plasma’s $500 million public token sale in July.
Legion, a crypto startup that wants to bring back initial coin offerings, has raised $5 million in a funding round led by VanEck and Brevan Howard Digital. The fundraising also attracted participation from Kraken, alongside the venture arms of Coinbase and Crypto.com.
The company plans to use the capital to build “a go-to platform where companies can, responsibly, sell tokens to small-time traders.”
The announcement comes amid a re-emergence of initial coin offerings, as highlighted by stablecoin-focused layer-1 blockchain Plasma’s $500 million public token sale in July.
Commenting on the announcement, co-founder Fabrizio Giabardo told Fortune: “Just think IPO-type rigor, IPO-type access, mixing in with, again, crypto rails.”
ICOs have been around for quite a while, as highlighted in Plasma’s huge raise. Solana-based memecoin launchpad, Pump.fun, also secured $600 via a public token sale. All this comes amid increasing optimism in the growth of the crypto industry, as the Trump administration implements a more crypto-friendly approach to regulating digital assets.
July also ushered in the signing into law of the much-awaited GENIUS Act, a bill that provides clarity and guidelines for fiat-pegged tokens. It also provides a framework for traditional banks to integrate digital assets into their systems.
Amid the controversies that led to the collapse of the ICOs in the late 2010s, Legion co-founders Matt O’connor and Giabardo have already met with the U.S. Securities and Exchange Commission (SEC) to discuss what disclosures the agency should require for public sales, Fortune reported.
“Give people honest, truthful, succinct disclosures that they can fully understand, do some kind of checking that validates that, yes, they do truly understand these things,” said O’connor. “And then, it’s up to them to take the risks realistically.”
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