NEO Blockchain Gaming Platform BlaCat to Raise $10 Million with Security Token Offering
BlaCat is a blockchain-based gaming platform centered around the NEO blockchain. Recently, BlaCat announced plans to launch a fully compliant Security Token Offering (STO) to raise $10 million.
BlaCat’s Security Token Offering Explained
BlaCat claims to be a “scalable and comprehensive blockchain video game environment for every style of game”.
The platform provides developers with open source software, based on NEO blockchain technology, and facilitates payment processing, the monetization of game development, and in-game advertising. It also avoids third-party publishers, which it says allows developers to keep the majority of their profits.
Now, BlaCat is turning to the regulatory compliant Security Token Offering (STO) in hopes of raising $10 million. The sale intends to be “fully compliant” with securities laws and regulations.
The equity offering will be available to accredited investors in the US through the SEC’s Reg D exemption, and to non-US investors through the Reg S exemption.
BlaCat is being developed by FunJumping Inc., which received $2 million in seed funding from NEO.
Ultimately, BlaCat aims to disrupt the gaming industry, which in 2018, had approximately 2.5 billion gamers, 4.4 million developers and was projected to generate revenues of over $120 billion.
The company is leveraging security tokens to fulfill its vision. STOs differ from ICOs through many ways, despite having some similarities. Both leverage the benefits of blockchain technology in recording asset ownership and transfer. Yet STOs abide by their jurisdiction-appropriate existing securities laws, thereby providing the regulatory compliance that ICOs lack.
What do you think of BlaCat turning to security tokens to raise $10 million? Let us know what you think in the comments section below.
Image courtesy of BlaCat.