Crypto startup Legion raises $5 million to bring back ICOs—without the scams

An image of Fabrizio Giabardo and Matt O'Connor in suits standing in front of the U.S. Capitol. (Credit: Courtesy of Legion)

The ICO, or initial coin offering, era was notorious. A decade ago, crypto founders raised millions and even billions from small-time traders by selling cryptocurrencies tied to new projects. Many raises, like the one for Ethereum in 2014, were in good faith. Others were outright scams. Regulators cracked down on the practice, and ICOs soon became another chapter in crypto history.

Now, the practice appears to be making a comeback, and the crypto startup Legion hopes to create the go-to platform where companies can—responsibly—sell tokens to small-time traders, say cofounders Fabrizio Giabardo and Matt O’Connor.