According to a US Securities and Exchange Commission (SEC) document, Bince, a large cryptocurrency exchange, received a $250,000 "long-term payment" to ensure that Blockstack (STX) is online. year.
The documents that Blockstack handed over to the SEC showed that the currency received 833333 STX, which was equivalent to $250,000 according to the company's token price of $0.30. The document also shows that the company intends to pay more money to the currency:
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“Blockstack will pay 833333 STX in the first, second and third years of the effective date of the service agreement, provided that STX is still on the line before the effective date of each service agreement. In addition, the company will Ann paid $100,000 in marketing services."
Prior to this, the currency announced on October 23 that the exchange did not charge the block currency of Blockstack.
When asked to explain the apparent contradiction between the SEC's documents and its announcement, the coin security spokesperson told Cointelegraph that the exchange received $250,000 was not the currency fee, but the marketing cost provided by Blockstack:
“Blockstack proposed an incentive program for long-term payment to ensure that the currency continues to be on the token. This is a new payment method proposed by Blockstack.”
Coin also provided comments from Blockset's CEO, Muneeb Ali, who explained that the standard agreement includes the cost of the currency, the “technical integration fee”. In this case, the fee is $0, which Binance pointed out in his announcement. Ali continues to say:
"'Long-term payment' is a new thing, not part of the standard agreement for the currency security. This is one of my ideas. I made this idea to them. This long-term payment means that the incentive money is longer. Time to go online STX, to pay attention to the ecology of Blockstack, which is consistent with our long-term goal. Marketing expenses are used for joint marketing activities we plan to carry out in the future, also not 'on-currency fee', but we plan to do so soon Future marketing campaigns."
According to Cointelegraph, earlier this month, Champion CEO Zhao Changpeng announced that all the currency fees won by the exchange will be donated to charities. Coin Security not only donates these expenses to charity, but also allows developers to give the amount they plan to pay, without setting a minimum fee.