Danilov & Konradi has advised CRYPTO20 on the launch of the world’s first tokenized cryptocurrency index and its October 16, 2017 initial coin offering (ICO).
According to Danilov & Konradi, "CRYPTO20 has seen a robust start to the ICO period with over 3,000 international backers and more than USD 6 million in total funds raised to date." The ICO will close on November 30, 2017.
According to D&K, "CRYPTO20’s ICO introduced a new cryptocurrency paradigm based on an autonomously managed 'cryptocurrency portfolio' where participants can buy a single C20 token, which holds balanced positions in the top 20 cryptocurrencies as underlying crypto assets. The groundbreaking index, optimized using data science principles, offers investors a way to track the performance of the crypto markets by holding a single crypto asset, the C20 token, while providing full blockchain transparency through secure smart contracts."
Danilov & Konradi’s advice covered international legal, tax, and government compliance matters, securities regulation, the legal token purchase agreement, white paper review, and corporate legal matters.
“CRYPTO20’s ICO was unique in several ways,” explained lead attorney Brian Konradi, who led his firm's team on the deal. “The CRYPTO20 team had already built their platform before going to the market, but they were needing to incorporate legal advice prior to their launch. Together with their advisory group partner BLOCK512, we were excited to help guide the CRYPTO20 team through the legal aspects of launching an entirely new kind of token.”
Konradi was joined on the D&K team by Andrei Danilov, Lyudmila Merkulova, and Peter Khokhlov.