Mainstreet Investment, LP, a Cayman Islands limited partnership issuing a digital token security backed by real assets, has released a memorandum of details and procedures related to the company’s Mainstreet Investment Token sale planned for January 2017. The Initial Token Offering Memorandum, or ITOM, outlines the Mainstreet sale’s goals and objectives according to Intellisys Capital, the fund’s general partner.
Led by Intellisys’ Chief Executive Officer Jason Granger and Charlie Shrem, the company’s chief technology officer, the fund aims to change the way investment can occur through the use of blockchain technology.
Shrem commented: “We want to be as upfront and transparent as possible about the token offering and what investors can expect. We’re raising the bar when it comes to raising funds through an initial token offering.”
The memorandum is meant as a gesture of transparency to potential investors or anyone interested in the token offering. The crowdsale of 50 million Mainstreet tokens is scheduled to launch on the 15th January 2017. The tokens can be purchased with bitcoin or ether with the sale capped at US$25 million, with a 10 percent holdback for additional investment and working capital needs for existing investments. Any unsold tokens will be burned immediately following the sale.
The sale will run until 15th March, adhering to the following pricing schedule, with bulk discounts available:
● Weeks 1 - 2: 900 MIT = 1 BTC
● Weeks 3 - 4: 750 MIT = 1 BTC
● Till close: 500 MIT = 1 BTC
Intellisys, as managing member and general partner of the fund, will help guide Mainstreet Investment in the use of proceeds from the sale to invest in United States middle-market operating companies, fund-of-funds, and real estate projects that will increase investor awareness and attract future investment opportunities. According to Intellisys, this approach will raise the fund’s credibility in mainstream markets, becoming a showcase for blockchain projects looking for recognition from larger investors.
Shrem added: “As we provide distributions to investors. We will look at blockchain companies that will be synergistic with our portfolio companies.”
Granger remarked: “The Mainstreet Investment token offering will change the game for investing on a worldwide stage. What we are attempting to achieve will merge investment, securities law and technologies in a way that has not yet been done,”
Intellisys will be holding an Ask Me Anything live video session, open to any members of Coinfund’s Slack channel where the event will be broadcast on Wednesday, 21st December starting at 11 a.m. (EST).