Charlie Shrem Announces ‘Game-Changing’ Token Sale
Charlie Shrem’s latest ventures, Mainstreet Investment and Intellisys, are to launch the crowdsale of their joint Mainstreet token in January.
Intellisys ‘Changing Worldwide Investment Game’
The former BitInstant creator is working with CEO Jason Granger on a project which will “merge investment, securities law and technologies in a way that has not yet been done.”
“The Mainstreet Investment token offering will change the game for investing on a worldwide stage,” Granger continued in an “Initial Token Offering Memorandum” issued Friday.
— Charlie Shrem (@CharlieShrem) December 16, 2016
Mainstreet is a private equity fund powered by the Ethereum Blockchain. According to its website, it is the first Blockchain security backed by real-world assets.
Token funds will be used “to invest in United States middle-market operating companies, fund-of-funds, and real estate projects that will increase investor awareness and attract future investment opportunities.”
Success of partner acquisitions will give added value to the token, with Shrem highlighting a desire to offer maximum transparency to investors even prior to the crowdsale.
“We want to be as upfront and transparent as possible about the token offering and what investors can expect,” he said. “We’re raising the bar when it comes to raising funds through an initial token offering.”
Charlie Shrem – A Name You Can Trust…
Included in the transparency measures is the token memorandum itself, which states exchange rates for token purchasing until the crowdsale closure deadline of March 15. The token will be offered at 900 per bitcoin in the first two weeks, decreasing to 500 after week 4. Purchases can be made with Bitcoin or Ether.
As we provide distributions to investors, we will look at blockchain companies that will be synergistic with our portfolio companies.
A total of 50 million tokens are available, with a 10% “holdback” built in “for additional investment and working capital needs for existing investments,” the memorandum states. Any tokens remaining after the deadline will be burned.
Shrem and Granger will address further queries from throughout the community this coming Wednesday in an AMA session on Slack. The session will be open to members of Blockchain portfolio Coinfund.io’s Slack channel.
The transparency angle is likely no fluke. The Bitcoin ecosystem is awash with token sales offering promises of returns which fall flat once funds have been collected. This year, schemes such as Razormind have attracted increasing criticism due to the lack of investor reassurances and seeming inability for token holders to do anything with their tokens whatsoever.
Will the Mainstreet token and crowdsale really change the game? Let us know in the comments section below!
Images courtesy of shutterstock, bloomberg.com, mainstreet.ky