Blockstack raised $ 23 million in regulated SEC token sale

Blockstack raised $ 23 million as part of the token sale and strategic investment round approved by the US Securities and Exchange Commission (SEC).

In the article
Blockstack co-founder Muneeb Ali wrote on the blog that the offer of tokens as part of the “A +” provision of SEC regulations combined with the strategic round
The investment, led by the Hashkey Group and SNZ, allowed the company to receive a total of $ 23 million.

“More than 4,500 individuals and legal entities took part in the sale of tokens,” Ali writes. “Blockstack PBC has entered into agreements worth more than $ 23 million as part of these proposals and the strategic investment round.”

According to the application
in the SEC EDGAR system, Blockstack raised $ 15.5 million through the sale of 74.3 million Stacks tokens and another $ 7.6 million through a round of strategic investments and the sale of 30.6 million tokens in Asia. According to Ali, the Stacks instrumental token will be used to pay to developers of the Blockstack network, as well as tokens selling participants.

“Finally, our proposal, approved by the SEC, opened up opportunities for expanding our App Mining program,” he said. “With this program, we can start distributing Stacks tokens (STX) to developers who create high-quality applications on the Blockstack network. As part of the App Mining program, it is planned to pay developers up to $ 1 million in STX by May 2020, which could potentially accelerate the growth of the Blockstack network. ”

The fact that Blockstack plans to raise $ 50 million through the sale of its token-shares in accordance with the “A +” position established by the SEC was first announced in the spring of this year.

Read This Now: Putin noted the contribution of miners to strengthening the industrial power of the country