Headphone maker Monster Products plans to raise up to US$300 million in an initial coin offering, Reuters reports, citing a regulatory filing.
The California-based company will offer up to 300 million “Monster money tokens” (MMNY) in the offering, according to the report.
Monster plans to integrate the ethereum blockchain technology to its ecommerce website to create the Monster Money Network where consumers may use either MMNY tokens or legal currency to purchase its products and services.
Monster made Beats headphones from 2007 to 2012. The termination of the relationship with Beats “dramatically interrupted” Monster’s product lines and strategies, the company said in the filing.
Monster now also offers products such as cables, speakers, power accessories and portable chargers.
“Over the next five years, Monster’s business strategy is to revitalize relationships with the company’s existing retail relationships as well as target expansion into new retail venues,” the firm said.
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