Blockstack scores $23M in first-ever SEC-approved token sale
Wed, 11 Sep 2019, 05:50 am UTC
Decentralized computing network Blockstack PBC, the first crypto startup to receive the blessing of the U.S. Securities and Exchange Commission (SEC) to conduct an initial coin offering (ICO) for its blockchain-based tokens, has secured over $23 million worth of investments.
As per a press release, the token offerings included both SEC-qualified token offering and its offering to investors abroad. Specifically, it scored $15.5 million via a Regulation A+ sale of just more than 74 million Stacks tokens in the U.S. and $7.6 million from 30 million tokens overseas via Regulation S, as per an SEC filing.
Notably, the Regulation A+ of the sale marked the first time non-accredited U.S. investors were allowed to participate in an ICO. Blockstack has also attracted a number of strategic investors in Asia, which was a key goal of their offering.
“We are in discussions with international investors for an additional $5M+ which may be distributed in a separate private placement or in a follow-on SEC-qualified offering, as we have previously disclosed in our SEC filings. The goal of this additional distribution is to continue growing our community and network in Asia,” Muneeb Ali, co-founder and CEO of Blockstack PBC, said.
Over 4,500 individuals and entities took part in the offering. Notable investors include Arrington Capital, Union Square Ventures, Recruit Holdings, and Hashkey Group.
Just recently, Blockstack has secured a strategic investment from Recruit Holdings, a Japanese human resource giant with a $50 billion cap. Under the deal, Recruit will purchase Blockstack’s Stack tokens, and its partnership aims to introduce more decentralized technology in Tokyo.
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