Maybe they won’t have to overprice their products now Monster Cable is looking to surf the blockchain buzz to save its drowning business. The US-based electronics manufacturer — best known for its headphones and (overpriced) audio and video cables — has been suffering heavy losses for years.
Now, it’s planning a $300 million initial coin offering (ICO). The company has filed the ICO for “Monster Money Tokens (MMNY)” with the US Securities and Exchange Commission (SEC), as spotted by Coindesk.
Monster is not promising any groundbreaking innovations with its ICO though — no building robots or buying comets with blockchain. It’s simply creating an e-commerce platform where you could buy Monster products with its MMNY tokens.
As per the filing, the company plans to utilize blockchain technology in “payment processing, market analysis, accounting, audit and payroll services, inventory management, and shipping operation.” If all goes well, it hopes that other companies will also utilize its platform to sell their products. The Monster Network will initially be built on top of the Ethereum blockchain and its token will follow Ethereum’s ERC20 protocol.
The company ultimately plans to move over to its own blockchain. The number of MMNY tokens are capped at 500 million, out of which 300 million will be sold in the ICO and the rest will be retained by the company. Read more from thenextweb.com…
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