The company Monster Products, Inc. which produces electronic devices, including their famous headphones, has not had the best times in terms of its income. That is probably why, the representatives of Monster decided to fix the problem in a creative way: they are planning to launch an ICO.
According to the application sent by the company to the Securities and Exchange Commision, the token sale is going to be a major event in the world of cryptocurrencies. The token of the company is called Monster Money and it will be used to purchase products and services on the new e-commerce network of Monster. The users will be able to use the token as an intra-platform means of payment, it will provide the high speed and low cost of transactions.
500 million tokens will be released, 60% of which will be available for sale. The token sale will last for one year, but the sale can be finished if all digital coins are sold out before the planned ending. The company also provided for the probability that the network might not be running. It is going to releases 75 million additional shares for that. The price of one share will be four tokens.
The application states that Monster Money Network is designed for payment processing, market analysis, accounting, audit and payroll, inventory management and delivery operations. Representatives of the company note that they intend to attract other platforms that are engaged in e-commerce.
The network will develop in three stages. The first stage involves the use of ERC20 tokens in the payment system. The second stage will be held to reduce or completely eliminate the commission and integrate microtransactions in the off-chain. The final stage is the transition to own blockchain. The application states:
“In the future, Monster intends to leverage its global connections and brand visibility along with blockchain technology to bring more and more other e-commerce platforms onto Monster Money Network and expand the user base of MMNY Tokens. We hope to set up the blockchain standard for e-commerce platforms.”
It is assumed that most of the collected funds will be allocated to the technical aspect of network development, while the third part will go to marketing and partnership building with companies that are ready to promote Monster products.
The application specifies that independent auditors still doubt the company’s stable performance. However, the company is not going to give up, on the contrary, it wants to raise $300 million during the ICO, thereby becoming one of the most successful trading platforms in the world. Representatives of the company declare:
“We consider Amazon, Ebay and Alibaba as examples of our main competitors with respect to the new Monster Money Network and our existing e-commerce platform.”
We remind you that the Malaysian airline company AirAsia is also planning to launch its own ICO.