SEUM Advises Cosmochain on ICO
SEUM represented Huiseoul, a cosmetics e-commerce company, with respect to the initial coin offering (ICO) of its proprietary cryptographic tokens (ticker symbol COSM). Huiseoul conducted a sale of 500 million COSM tokens, which cosmetics companies are expected to use to purchase services on an online blockchain-based platform to be built by Huiseoul that will be called Cosmochain. Consumers will also be able to use the COSM tokens on the Cosmochain platform to purchase points that will entitle the user to certain benefits on the platform. Huiseoul successfully reached its hard cap of 50,000 ETH for the ICO.
SEUM advised Huiseoul as lead-counsel on various aspects of its ICO including review of its whitepaper and token sale terms and conditions, securities law analysis under Korean law, review of marketing and sales issues, and management of local counsel and international legal matters.
SEUM’s blockchain team handled the ICO, including partners Hoseok Jung and Steve Ahn, and associates Hyunsub Lee, Egyul Kim and Daniel Chong.