Axon Partners assist POA Network in running token sale raising $19 million in just 56 seconds

POA Network will offer a way for small and medium-sized businesses to build their own blockchains with quick transaction processing and affordable service fees.

The platform is based on a public blockchain network using an Ethereum protocol with Proof of Authority (PoA) consensus, which makes the whole concept of smart contracts faster and cheaper compared to Proof-of-Work (PoW) consensus. Another conceptual solution was to enable blockchain networks to work with a different consensus mechanism. This network design will make it possible to deal with issues of transaction speed, blockchain throughput, and cost of networks, which is critical when it comes to decentralized applications (dApps).

Axon Partners provided legal support for this token sale since day one. We built the company’s corporate and tax structure, prepared the documents for the token sale and assisted in formalizing the project’s relations with partners, counsels, and other token sale participants. We also helped to build partnering relations. In addition, we made sure that the whole process was arranged within the laws dealing with securities and securities markets.

“Providing legal support during a token sale is complicated and nerve-racking. W but ultimately everyone is pleased the project worked out so well. This is a global project, where tokens are offered for sale worldwide, so we have to ensure that everything works within the laws applicable in numerous jurisdictions. Plus, you have to be careful not to miss out on any amendments to these laws, since local lawmakers may alter them at any time. In addition, we have to keep up with the constantly changing listing rules at cryptocurrency exchanges and the fact that bankers get totally freaked out when they have to deal with cryptocurrency businesses”, said exhausted but happy Nazar Polyvka, Axon’s partner in charge of FinTech.

Our partner Orest Gavryliak and associate @Vlad Likhuta had a lot of sleepless nights on this project as well.