Blockstack, the first project to comply with US SEC regulations, began issuing tokens

BlockBeats News, Blockstack, the US blockchain project, has recently sent Tokens to investors who are pre-registered in 2017. Investors need to complete the KYC of “Qualified Buyers”.

Blockstack is highly regarded by the market because Blockstack may be the first Token financing project to comply with the US Securities and Exchange Commission's SEC regulation.

At the end of 2017, Blockstack sold tokens worth $50 million to investors. More than 800 individuals and funds participated, including Union Square Ventures, Foundation Capital, Lux Capital, Winklevoss Capital, Blockchain Capital, Digital Currency Group, Kevin Rose, Michael Arrington and Qasar Younis (former COO of Y Combinator). In addition, more than 8,000 people received vouchers to purchase tokens worth up to $3,000 in the future (according to applicable law).

In April of this year, Blockstack announced that it had submitted an application to the US SEC to conduct the $50 million token financing under the supervision of the SEC. In addition, the legal costs of compliance with regulations such as SEC registration have exceeded $2 million.

Blockstack's distributed network was created by researchers at Princeton University to enable developers to develop secure and private applications on top of them so that users' data is no longer controlled by Internet giants. There are now more than 80 such applications on Blockstack, such as Graphite, as a replacement for Google Docs, Sigle, a decentralized open source blog, and more.

Or the first token financing project that complies with US SEC regulations.

In April of this year, Blockstack Token LLC announced that it had submitted an application to the US SEC to conduct $50 million in token financing under the supervision of the SEC. If the application is successful, this will be the first token financing project that meets US SEC regulatory standards. The financing will be used to incubate the distributed network and application ecosystem of Blockstack.

According to Morgan Stanson founder Pomp, Harvard’s endowment fund has invested $5 million to $10 million in Blockstack’s token financing. In other words, this world-renowned fund already holds Blockstack's STX token.

BlockBeats BlockBacks According to Blockstack Token LLC's filing information at the SEC, Blockstack provided token sales for up to $295 million in Stacks Tokens, including

Offer up to 215 million tokens to existing holders of specific unbound documents that purchase Stacks Tokens at a discounted purchase price of $0.12, and up to $3,000 per token holder ("coupon plan") .

Provide at least 40 million tokens to Qualified Buyers at a price of $0.30 per token. Blockstack is free to increase the size of the general release (up to 62 million tokens).

Provide up to 40 million tokens for non-cash considerations under the Application Mining Program ("Application Mining Program") in exchange for developing well-reviewed applications on a distributed application network created by Blockstack (" Blockstack Network"), as well as a review of these applications.

Source: Block Rhythm BlockBeats

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