This article is the second in a monthly column from FinTech GC Ksenia Sussman examining how the legal profession should adapt to current, and future, changes in technology.
In 2017, Munchee, a technology company that developed a restaurant review app, sought to raise $15 million through an “initial coin offering.” Put simply, an initial coin offering, or ICO, is the equivalent of a traditional IPO. Munchee’s ICO sought to fundraise its operations by issuance of the MUN tokens, a payment token to be used on Munchee’s platform as well as traded on secondary exchanges. The MUN token was intended to incentivize activity on Munchee’s social network, which it described as “Yelp Meets Instagram.” The ICO sale began in October 2017.
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