Dubbed as ‘one of the biggest ICOs of all time’, reports by CNN and Coin Desk refer to information gleaned from the US Securities and Exchange Commission which has details of a filing from the company.
The San Fransisco based business, which makes electronic products, including headphones and speakers, is believed to be in need of a financial boost. In its report, Mashable described the ICO as ‘what could charitably be described as a last grasp of relevance’.
The Ethereum based e-commerce platform will be named the Monster Money Network and will operate with Monster Money Tokens. The three-stage plan for the network begins with a basic payment based system, an off-chain platform forms the second phase and the final stage will integrate the blockchain-based network into the main Monster operations, encompassing supply chain functions, payroll, marketing and accounts. Monster tokens or fiat currencies will be usable to buy products and services on the network.
Retail giants as competitors
The plans are impressive and Monster makes it clear in its filing that it aims to compete with major retail giants. It says: “We consider Amazon, eBay, and Alibaba as examples of our main competitors with respect to new Monster Money Network and our existing e-commerce platform.”
In addition to the ICO, Monster also has a back-up plan and will be releasing 75 million common stock shares. This means investors can redeem their Monster tokens for shares at a 4:1 ratio, instead of returning their funds. The ICO will release 300 million MMNY tokens at $1.00 per token. As yet, no further details have been released.