Crowdfunding pioneer Indiegogo is embracing initial coin offerings (ICOs).
The startup revealed today that, through an existing partnership with MicroVentures, it will begin offering services to projects seek to use 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, in the case of FCFL, investors (both accredited and non-accredited) 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, $915,000 has been raised from nine investors thus far in the new ICO.
[Update: The company has said that it aims to host both non-SAFT presales as well as actual token sales on the platform.]
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 development comes more than a year after it moved to offer access to equity crowdfunding.
Through this lens, Indiegogo is positioning itself as a new hub for ICOs – specifically, those that are compliant with U.S. regulations around securities.
, the startup said that the move to embrace ICOs was a natural fit given its crowdfunding work to date, noting:
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.
Correction: An earlier version of this report inaccurately indicated that the sales were limited to accredited investors.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.