Cryptocurrency financings on the blockchain represent the front end of the decentralization and democratization of global economic opportunity.
SEATTLE (PRWEB) October 31, 2017
Martin Davis PLLC announces that RChain Coop, a Seattle-based blockchain company creating a scalable, “proof of stake” platform that will transform blockchain technology, has completed its private token sale. RChain's private token sale, which was conducted from August 28 to September 28, 2017, raised approximately $ 10,000,000.00 from over sixty purchasers. Purchasers came from over fifteen different countries and ten U.S. states.
Greg Meredith, President and Chief Architect of RChain Cooperative, attributed the success of the sale in part to the Martin Davis team saying, "The team at Martin Davis structured our private token sale to be compliant on the federal and state levels, while remaining highly responsive to the unique concerns of this innovative industry. They took an active role in ensuring that every part of our business—from the technical teams to our business teams—was aligned in making this token sale a success. I'm very thankful for their counsel and would highly recommend them to any company seeking guidance for its token sales. Martin Davis is a legal team at the forefront of legal issues surrounding cryptocurrency and cryptocurrency financing."
Token sales, particularly public token sales (also known as "ICO's"), have been well-publicized and are being increasingly considered as an efficient and effective method for raising capital. Many of these sales take place outside the U.S. and have excluded participants from specific states due to regulatory concerns. Martin Davis counseled RChain to complete one of the first token sales that was open to all interested accredited purchasers in the U.S.
Congratulating the RChain and Martin Davis teams, David M. Otto, managing partner at Martin Davis, said, “Navigating the legal, technical, and financial landscape with Greg and the RChain team in connection with completing the private token sale was a unique and interesting exercise. The novelty and complexity of the RChain private token sale required Martin Davis to rely on established legal principles while adapting to changes in regulations and regulatory interpretations in order to complete this crypto equity financing. Cryptocurrency financings on the blockchain represent the front end of the decentralization and democratization of global economic opportunity.”