Monster Products – the company behind Beats headphones, will hold an initial coin offering (ICO) with hopes of raising as much as $300 million.
The firm is selling Monster Money Tokens, it told the US Securities and Exchange Commission (SEC), and it will use the funding to create the Ethereum-based e-commerce platform Monster Money Network.
The filing reads: “We consider Amazon, Ebay and Alibaba as examples of our main competitors with respect to the new Monster Money Network and our existing e-commerce platform.”
The platform will first launch as a basic payments system before developing into an off-chain platform which allows micro-transactions “to be completed with or without very limited transaction costs” in contrast to on-chain payments.”
After that, a third stage will see the Monster Money Network integrate the fully-functional blockchain network into core operations including supply chain management, payroll services, marketing and accounting.
The ICO will take place across a year, with the company aiming to distribute between 300-500 million tokens at $1 per token.