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Is Legal-Industry Cryptocurrency a Good Idea?

By William Vogeler, Esq. | Last updated on

According to reports, an off-shore company called Legaler will create cryptocurrency for the legal industry.

Stevie Ghiassi, chief executive officer of the company, wants to raise up to $35 million for blockchain technology that lawyers can use for transactions with clients and service providers. Legaler also said it will use the technology to help charities with crowdfunding.

Not to quote Chicken Little, but didn't the digital currency market just fall 30 percent? And who in heaven is Legaler?

Legaler, Inc.

Legaler, Inc. is an Australian-based company that markets a secure online videochat platform for lawyers. DataFox has little information about the company, except that it was founded in 2014 with no funding.

Of course, many companies start with nothing. But now Legaler wants $35 million for its cryptocurrency plan.

Ghiassi says the company will offer tokens at up to a 90 percent discount in the initial offering. Thereafter, reports Robert Ambrogi of Law Sites, the tokens will be available on global exchanges.

But is that really a good idea? Cryptocurrency for lawyers, that is? It is a big question, including a Securities-and-Exchange-and-ethical-kind-of question.

Crypto Concerns

Not to be a Debbie Downer, but there are holes in the yellow brick road. Last month, thieves ripped off $400 million in cryptocurrency from a Japanese exchange. The company shut down trading to stop the bleeding.

"This is the biggest theft in the history of the world," reported Ars Technica.

It was not the first crypto-heist. A week earlier, hackers stole about $4 million of another currency from investors' virtual wallets.

Still, bitcoin is on the rebound after having nearly tripled in value the previous four months. It seems to be a calculated risk that investors and law firms are ready to take -- at least until the next big drop-off.

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