trending Market Intelligence /marketintelligence/en/news-insights/trending/x4f_ch0tlmi6m7ru3o_deg2 content esgSubNav
In This List

RE-backed cryptocurrency startup files $75M initial coin offering

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


RE-backed cryptocurrency startup files $75M initial coin offering

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.