Thursday, August 3, 2017
Science Goes All In On Blockchain, Plans $100M ICO
Santa Monica-based startup studio Science is making a move into the world of Blockchain, saying on Thursday that it plans to run its own "initial coin offering" (ICO) worth up to $100M, to raise money to invest in blockchain-related startups that it will incubate. Science--led by former MySpace CEO Mike Jones--is the company behind such startups as Dollar Shave Club. An "initial coin offering" is a relatively new way of raising money for Blockchain related companies, which involves issuing new, digital cryptocurrency in exchange for an existing cryptocurrency like Bitcoin. If the value of that new cryptocurrency rises--in this case, due to the success of the companies backed by the ICO--those investors would profit. Science said it plans to issue its tokens under the Regulation D rules of the SEC, with the offering being managed by The Argon Group, via its subsidiary Argon Investment Management LLC.