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Binance and HashKey Pro list Blockstack’s Stacks Tokens

Thu, 24 Oct 2019, 09:49 am UTC

Blockstack’s Stacks token has been listed on Binance, the world’s largest crypto-exchange by market volume, and HashKey Pro, the institutional exchange of leading Hong Kong fintech group HashKey.

The listings follow after Blockstack raised $23 million in its SEC-qualified token sale to retail investors and its strategic investment round in Asia which was led by HashKey and SNZ, with participation from Fenbushi, Fundamental, Spartan Group, and other top Asian funds.

Stacks (STX) may be used as fuel on the Blockstack network for registering digital assets like usernames, domains, storage pointers, podcasts, and more. The primary goal is to help create a shared economy around the network and between users of the technology.

Speaking to CoinDesk, Muneeb Ali, CEO, Blockstack PBC, said that its regulated offering came with certain restrictions, including a prohibition on U.S. investors to buy the tokens that fuel Blockstack’s 270-odd decentralized applications.

In its press release, the company said that the listings are expected to increase access to the tokens globally. However, due to the legal restrictions in the U.S., trading will be available only to non-U.S. persons.

“This year, Asia has been a big focus for us, and we recently held a strategic investment round in the region, helping to further expand our presence in the region. Binance has a strong presence globally, but in particular, has wide distribution throughout Asia, which is a priority region for Blockstack,” Ali said.

“Hashkey Group’s focus on regulatory compliance in Hong Kong also complements our regulatory framework. The goal of both listings is to increase access to the Blockstack network globally, and users should now be able to easily acquire STX for use on the network.”

Blockstack has also entered into a partnership with Blockchain.com to integrate Stacks across Blockchain’s full suite of products.

Other major developments for Blockstack this year include the expansion of its App Mining program to reward developers up to $1M total in STX per month by May 2020, a partnership with Lambda School to provide an opportunity to every Lambda student to learn to build on Blockstack, and a strategic investment from Recruit Holdings, among others.

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