In this article I’ll go over why we created BrightCOIN and our reasoning as to why we charge ZERO upfront fees.
An old friend of mine has a small startup that focuses on the world of fine art. He needed to raise a small amount of seed capital but didn’t have strong investor connections. He’d heard about Token Offerings and how it seemed that they were popping up everywhere and raising huge sums of money. So he figured that may be a solution to his money problem. He contacted a few of the many ICO consulting firms out there and learned that it isn’t that easy, and is very expensive. He discovered that these firms typically charge anywhere from $300,000 – $500,000 in upfront fees plus a sizable percentage of the number of funds raised. On top of that, there is a myriad of compliance issues that would cost even more to sort through. Obviously, this blew him away, because the costs would be more than what he needed to raise!
And forget about doing it yourself. That takes a lot of time, money and hassle. You’d have to start with hiring some very experienced, expensive and hard to find expert engineers. And that’s just the beginning.
Vince Mundy, a former employer of mine and a veteran Silicon Valley entrepreneur, had been deeply involved in the crypto world and doing a lot of trading. One day I happened to be speaking with him and mentioned my friend’s experience. He told me that he’d been doing a lot of thinking and saw a need in the market for guys who either didn’t want to or couldn’t fork over a few hundred grand to get an token offering launched while having to worry about complying with the security laws and regulations of dozens of countries. There is a hole in the ICO/STO world. What was needed is a Kickstarter for ICOs/STOs, a platform where a coin can be created and ICO/STO launched easily and in a matter of minutes, PLUS be compliant with the law, all with no upfront fees.
BrightCOIN was conceived to do exactly that. It is the world’s first protocol for crypto compliance and investor accreditation. A founder can go to BrightCOIN.us, register, upload the necessary legal documentation, create a coin and launch his ICO, literally in minutes. At the same time, BrightCOIN handles all investor accreditation and has KYC and AML baked into the platform. Some ICOs/STOs need very specialized, complicated solutions that require a great deal of customization, but that’s a very small percentage. The vast majority of ICO’s/STO’s are very straightforward and can easily and inexpensively launch with the BrightCOIN platform. BrightCOIN scales (it can handle millions of simultaneous transaction) and operates in the background, so all the contributor sees is the official ICO/STO page.
Want to learn more? Come visit us at www.brightcoin.us. If you’re launching an ICO/STO, do it the quick, easy and legal way…with BrightCOIN
NOTE: This article is provided for informational purposes only and should not be construed as legal or tax advice.