The Praetorian Group and PAX Coin Corp., a cryptocurrency startup that deals with real estate acquisitions, filed an initial offering of its coins, seeking to raise $75.0 million.
Sale of the tokens will be done exclusively through the group's website, where purchasers may use Bitcoin, Ethereum and Litecoin, according to the prospectus.
The equity and/or its equivalent in cryptocurrency raised from the offering of 15 million PAX tokens at $5 apiece is intended to fund the company's dual-phase business model, and for general working capital purposes.
The first phase of the model entails acquisitions of real estate assets in low-income neighborhoods in New York City through what the company calls a cryptocurrency real estate investment vehicle. The second phase will see the company deliver a Blockchain Asset Wallet that will allow users to trade in cryptocurrency anywhere with the use of smartphones.
The group's management team includes co-founder and CEO Gerard Marrone, a practicing attorney and real estate broker, and lawyer and banker Louis Adimando as co-founder and chief strategy officer.
The are no underwriters for the offering listed in the prospectus.
