Loci Announces InnVenn Token Pre-Sale is SAFT Compliant
Only Accredited Investors Will Be Able to Purchase Utilitarian Tokens by Signing a SAFT Agreement
To meet SEC (Security and Exchange Commission) regulations and make accredited investments as safe and compliant as possible, Loci.io is requiring token purchasers to review and sign a SAFT (Simple Agreement for Future Tokens) as part of their current token pre sale set to run until Aug. 31st*.
Pre-sale token purchasers will receive a 10% discount on the initial sale price. Individual tokens can be purchased for the equivalent of $2.25 USD in Bitcoin, Ether or any fiat currency through an accredited investor in the U.S. with a signed SAFT contract. Loci.io is selling a total of 5 million utilitarian tokens, or $11,250,000 USD, that can be used only to access their already viable product, InnVenn.
With these tokens, Loci intends to substantiate the underlying value missing from most existing cryptocurrencies with a globally recognized asset, Intellectual Property.
For $249 a month, InnVenn drastically reduces the cost and time needed in patent searches for entrepreneurs who cannot afford to spend $15,000+ on attorney fees and typically are forced to either give up their ideas or riskily proceed without patent protection.
Patent attorneys and investors can use InnVenn to offer the highest quality understanding of the intellectual property landscape to their clients by providing real-time patent search and registration data. Before it's crowd sale scheduled in October 2017, Loci will be working on integrating into the InnVenn platform a distributed database to further enhance the security and privacy of patent searches and existing patents.
The Simple Agreement for Future Tokens (SAFT), a legal instrument and open-source framework, is highly relevant and important to this and other token sales because it aims to make the risks that come with early-stage investment opportunities clear to those individuals that purchase tokens or coins as part of an ICO (Initial Coin Offering).
Created by Cooley LLP, designed by Protocol Labs, and inspired by Y Combinator’s SAFE, the SAFT also serves to address the fact that federal securities laws now apply to the sale of virtual coins or tokens, according to a recent statement released by the SEC. To learn more about token sales or ICOs, read the SEC’s Investor Bulletin on that topic.
To read more about the planned developments of the InnVenn platform, click here to read Loci’s latest white paper. To stay updated, you can either join Loci’s Slack, or follow along on Twitter.