August 20, 2019
Becomes first company with its own cryptocurrency to be approved by SEC to accept funding via this source
THE WOODLANDS, TX: SocialChains, the world’s safest social media platform, today announced that it has become the first company with its own cryptocurrency to be approved by the US Securities and Exchange Commission (SEC) to accept funding from non-accredited investors.
After several years of development, and significant funding by the company’s founder, Mr. Srini Katta, SocialChains is now raising a $2 million round of Seed funding. While the company currently has commitments for significant funding from accredited investors, it can now accept funding from non-accredited investors as well. “Many of our platform’s beta users love our platform and are keen on investing in the company. However, since many of them cannot meet the criteria for accredited investors, they asked us to find a way for them to invest as well. They see an opportunity to get in on the ground floor of a company with tremendous potential”, says Katta.
After an extensive search and evaluation, SocialChains chose to partner with crowdfunding platform company LetsLaunch.com. “We selected LetsLaunch because they clearly understand what we’re trying to accomplish with SocialChains”, says Hubert Vaz-Nayak, COO.
The process to accept funding from non-accredited investors requires approval under Regulation CF from the SEC – which was granted last month. Katta added, “While almost all other cryptocurrencies around the world are owned anonymously, ours is one of the only ones that cannot be owned anonymously. Every one of our users and currency owners is fully verified.”
About SocialChains: SocialChains.io is a full-featured social media platform. It is the world’s safest social media platform where every user is fully verifying via their email, phone number, and government-issued photo ID. Users are offered the best privacy available online. SocialChains guarantees that it will never read its users’ emails, or scan, analyze, sell, or share user information without their permission. Recognizing that users are the backbone of social media, SocialChains is also willing to share up to 50% of its profits with its users. The platform has been operating in beta mode and has taken on tens of thousands of users across more than 30 countries via invitation. The platform expects to open to all users in August 2019.
Chief Operating Officer