Kraken partnered with ICO platform Legion to conduct MiCA-compliant token sale on its new Launch platform

According to The Block, Kraken has partnered with ICO platform Legion to conduct MiCA-compliant token sales on its new Launch platform. Legion will share a selected “most-viewed” token sale with Kraken, which has received support from investors such as Kraken. These co-sold tokens will be traded online in Kraken shortly after the sale ends. Kraken Launch’s revenue model includes sales transaction fees shared by Kraken and Legion, as well as transaction fees for users participating in the sale. Legion co-founder Matt O'Connor said that the “target financing is high enough” financing will be launched on Kraken Launch, and smaller, early-stage financing will continue to run independently on Legion. It expects Legion’s “most” sales will also be held on Kraken Launch, with the first co-sales coming next week. The Legion platform adopts a performance-based scoring system that allows founders to allocate tokens to loyal community members and project-aligned investors. The platform said its token sale complies with European MiCA standards and has been discussed with the SEC's cryptocurrency task force, hoping to expand access to U.S. participants as early as the fourth quarter. Brett McLain, head of payments and blockchain at Kraken, said that in addition to Legion's scrutiny, the exchange will also conduct its own independent compliance and due diligence on token sales and subsequent listings.