Tech frenzy hits new heights
A group of University of Cambridge law students are gearing up to launch their own cryptocurrency for the legal market.
The ambitious project is the brainchild of Ludwig Bull, Rebecca Agliolo, Jozef Maruscak and Nadial Abdul. Regular Legal Cheek readers will recognise these students as the people behind an online legal service launched last year to help victims of crimes.
The AI-style system — first named LawBot but later renamed LawBot X — has received a number of updates over the past 12 months and now handles legal queries relating to all aspects of the law. In an attempt to secure £5 million in external funding, the students have now unveiled plans to launch their very own cryptocurrency.
According to the students, LawBot X needs a significant cash injection to help increase its general legal intelligence. However, they’ve been unwilling to punt for more traditional investment routes (e.g. a share offering) over fears they may lose control of the company.
Instead, they are turning to the weird and wonderful world of digital currencies. For those unfamiliar with these, crytocurrencies are essentially a form of virtual monies that use special encryption techniques to regulate the generation of units and verify the transfer of funds. These operate independently of a central bank. One of the first examples to hit the market in 2009 was Bitcoin, which since then has increased in value hundreds of times over.
The Lawbot X team hopes law firms and members of the public will purchase the new currency, which in turn can be used to buy its services. Commenting on the somewhat unique approach to raising cash, Maruscak, chief operating officer of Lawbot X, told Legal Cheek:
An ICO (initial coin offering) minimises risk for each individual investor and allows our currency to increase in value extremely quickly, making investments more likely.
The funding update comes just a month after Legal Cheek reported LawBot X was in the process of undergoing a major makeover. The system is soon to be accessible via Facebook Messenger, and will enable users to to be transferred to “a network of law firms” for more tailored legal advice.
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