The publisher of the upcoming sci-fi strategy game Infinite Fleet “Exordium” has announced a public security token offering (STO) on the STOKR platform.
It has been reported that the $8 million sales to raise funds for the long-touted blockchain-powered MMO (massive multiplayer online game) is being led by a $1 million investment from Tether International, the issuer of the largest stablecoin Tether (USDT).
However, the public portion of the STO will have a hard-cap of $1 million and be limited to select European countries. This will include the majority of the European Union, with the notable exceptions of Germany and Belgium, due to regulatory restrictions.
Unlike the majority of pre-sales to raise funds for upcoming games, participants will receive equity in the game’s publishing company and a share in future profits.
The blockchain-powered game Infinite Fleet is raising funds with a new security token offering. Tether International, of USDT fame, is leading the pack with a $1 million investment to get things started. https://t.co/kxv3I2O9rg — Cointelegraph (@Cointelegraph) January 18, 2021
The security tokens in this $8 million raise will represent a pro-rata right to 20% of Exordium’s profit.
Hope Fan, the Chief Marketing Officer of Infinite Fleet developer Pixelmatic, explained that why Exordium chose to take the STO route, rather than hold a pre-sale of utility tokens or NFTs.
He said:
“We are trying to build a sustainable business with a long time horizon, while at the same time driving the adoption of crypto for both gaming and capital markets. Utility token sales also often fall in a regulatory grey area and hence it’s something we want to avoid. With an STO and a public filing, we are able to offer equity to the average person who supports the project, which is pretty cool.”
Likewise, investors will be able to invest as little as $100 equivalent to buy EXOeu security tokens by representing shares in the Exordium parent company, using a variety of currencies including euros, Bitcoin (BTC), and Tether.
According to the report, the STOKR model democratizes public access to venture capital projects and integrates the Blockstream AMP platform on Bitcoin’s Liquid sidechain to issue the security tokens.
Thus, Paolo Ardoino, the Chief Technology Officer of Tether, said:
“As a former MMORPG game developer myself, I see great potential in the application of crypto assets to multiplayer online games. It is a perfect match of two rapidly growing digital sectors with tremendous upside.”
Source: Cointelegraph