One of the most recognized headphone manufacturer Monster Products Inc. had filed the the U.S regulators of the Securities and Exchange Commission for a launch of 300 million dollars worth of ICO signed on May 25.
The company had began trading in 1978 but had become most notable for the deal of signing its Beats headphones. They now plan to issue a 500 million Monster Money Network tokens, selling 60% of them in an ICO. The process will go forward and will make the creation of a Ethereum blockchain based platform possible, allowing investors to use the tokens for purchases.
That process is broken down in three parts:
– “Stage I: establish Monster Money Network to provide the basic transactional functions such as Monster Money Wallets and processing transactions in MMNY Tokens;
– Stage II: establish a private off-chain platform where micro-transactions can be completed without or with very limited transaction costs caused by mining activities (“gas”).
-Stage III: complete Monster’s blockchain and integrate such blockchain to the operating systems of the Company, such as marketing, accounting and auditing, payroll services, inventory control and shipping management.”
This move had made Monster one of the biggest companies to dive in to the ICO world just a month after the chat app Telegram have ended their ICO plans.
But ofcorse there is the chains that their plans also fails as the company stated:
“It is possible that the Monster Money Network may not become popular of be used by a large number of individuals, companies or other entities or tat there will be limited public interest in the creation and development of its ecosystem.”
Nevertheless this represents a huge boost for the crypto field since there have been a lot of high profile companies that have got their hands on the ICO and blockchain development.