The Crown and Country Magazine, a quarterly magazine covering topics related to the United Kingdom’s royal family to “provide information on education about the British Monarchy to the world,” is set to launch its own initial coin offering (ICO). The publication’s goal is to commemorate Prince Harry’s wedding with Meghan Markle.
The token sale will issue a cryptocurrency dubbed Crown Royale (Royl), which will be purchasable with bitcoin, litecoin, ethereum and other cryptocurrencies. Half of the raised funds will be allocated to three charities chosen by the royal couple, while the other half will help Crown and Country Magazine fund a special edition.
The magazine’s editor-in-chief, Thomas Mace-Archer Mills, stated:
“I wanted to create a new and modern way for the people of the world to feel a part of the Royal Wedding, whilst being able to provide an engaging outlet for interested parties to not only contribute to a decentralised wedding gift, but also appeal to their financial prowess in the creation of an investment mechanism such as the Royl coin.”
Given his lack of knowledge on the cryptocurrency ecosystem, Mills reached out to The ICO Rocket, an ICO underwriting firm, to help out with the project. Shahar Namer, the firm’s ICO underwriter, noted The ICO Rocket is excited to launch the fundraiser to honor the royal wedding.
He added that the cryptocurrency doesn’t just celebrate the royal marriage, but “also channels cryptocurrency toward three noble causes.” As for the token itself, it will seemingly be used to create a community in which “each investor to feel like he‘s a part of the Royal Family.” After the wedding, it’s set to be listed on cryptocurrency exchanges.
Charities to receive half of ICO’s funds
As covered above, three charities chosen by the royal couple will receive half the funds raised in the ICO. These are Sentebale, a charity partly set up by Prince Harry himself, that helps children affected by HIV in the African countries of Lesotho and Botswana.
Invictus Games, another charity set to benefit from the sale, is an international adaptive sports event, in which wounded, injured, and sick armed personnel are able to participate. The third one, the Royal Foundation, is run by the Duke and Duchess of Cambridge and Prince Harry. It aims to support various charitable ambitions.
ICO Rocket’s senior vice president Przemek Skwiczynski noted:
“We felt that helping out with the fundraising for Prince Harry’s favourite charities by taking on the Royl ICO was the right thing to do.”