The Abyss Files Form D with SEC to Raise up to $63 Million in DAICO

The Abyss platform, a crypto-reward system for gamers and developers, has filed a Form D 506c with the Securities and Exchange Commission. According to the filing, Abyss expects to raise up to $63 million in a “purchase agreement for cryptocurrency.” The document, signed by Abyss President Vladimir Kurochkin, does indicate it may not make any offering pursuant to this Form D – so perhaps it is more of a just in case filing – and the company expects to capture the bulk of its investors from outside the US.

Abyss is a gaming platform that differentiates itself from other platforms, like Steam, by incorporating a motivational and referral system. Using the soon to be minted digital coins, gamers can earn and pay in crypto. Developers may be remunerated in crypto as well.

The Abyss initial coin offering (ICO) is ongoing now having commenced on April 18th with a stated end date of May 16th. The ICO is interesting as it is being billed as the “worlds first DAICO.”

The DAICO is the creation of Ethereum’s godfather Vitalik Buterin. A good explanation of DAICOs is available here, but in brief DAICOs are supposed to help mitigate some of the shortcomings of token issuers raising gobs of money in a short period of time – only to see project deadlines expand and questions arise as to where the foundational capital went or how it was spent. The Abyss Token Sale is described as an “advanced and improved DAICO model,” as it allows for contributors to control the withdrawal of funds, while also providing an option to vote for refund of the contributed money in case the team fails to implement the project.

 

 


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