New York, NY (April 11, 2019) – Blockstack Token LLC, a wholly-owned subsidiary of Blockstack PBC, the creators of a decentralized computing network, today announced that it has filed an offering statement with the Securities and Exchange Commission (SEC) to conduct a $50 million token offering using the SEC Regulation A+ framework. Upon approval, the offering is expected to be the first SEC-qualified token offering of its kind. The net proceeds of the offering will be used to accelerate the development of its decentralized computing stack and app ecosystem.

Blockstack’s decentralized computing network, created by computer scientists from Princeton University, enables engineers to build secure, privacy-focused applications: users are in control of their data instead of storing it with large tech companies. More than 80 such applications already exist on Blockstack, such as Graphite, a decentralized alternative to Google Docs, Sigle, a decentralized and open-source blogging application, and BitPatron, a subscription content service for creatives. Blockstack’s core technology is developed as open-source software with over 7,000 enthusiasts and developers and community events around the world. Blockstack previously raised over $50 million from venture investment rounds and under SEC Regulation D from investors like Union Square Ventures, Y Combinator, Lux Capital, and Naval Ravikant. 

“Blockstack has been in a confidential submission process with the SEC, making progress as we drive towards an SEC-qualified token offering. Recently, U.S. markets have been closed to crypto projects given regulatory uncertainty, and we believe in opening the U.S. market to innovation in this area.” said Muneeb Ali, co-founder and CEO of Blockstack PBC. “We’ve been working with securities lawyers to create a legal framework that can enable blockchain protocols to comply with SEC regulations. Our framework is consistent with the latest SEC guidance released last week.” 

“Upon qualification, we believe that this offering may be the first time a blockchain project receives approval to access the public U.S. securities markets,” Ali continued. “This can potentially set a precedent for others in the industry, not just for public offerings, but also as a path to launch new public blockchains and establish a path to bootstrapping decentralized ecosystems.” 

Once approved by the SEC, Blockstack’s Stacks (STX) token will be offered through the stackstoken.com website. Blockstack’s filings are available at the SEC’s Edgar website. 

Please be advised that Stacks tokens will be sold only upon qualification by the SEC, and the tokens do not currently trade on any exchange. Official announcement of SEC approval and sale will be through stackstoken.com or other official Blockstack communication channels. Potential investors should be cautious of phishing attacks and false information about our offering from unauthorized parties. 

Blockstack Token LLC is a wholly owned subsidiary of Blockstack PBC, which is building core protocols and developer tools for the Blockstack network of decentralized apps. Blockstack enables fundamental digital rights for all internet users, is committed to open-source, and fosters an open, decentralized internet. As a public benefit corporation, the company upholds specific commitments to the greater public good in addition to stockholder interests. 

Founded in 2013 and headquartered in New York City with employees in Toronto, Barcelona and Washington state, Blockstack has raised $50M+ from Union Square Ventures, Y Combinator, Lux Capital, Digital Currency Group, Naval Ravikant and others. Blockstack’s research scientists and engineers (comprised of Ph.D.s from Princeton University, Stanford University and others) have created a number of innovative technological solutions, including universal identity owned by users, a highly scalable Stacks blockchain, Gaia private data lockers for users, and a smart contract language that optimizes for security and predictability. For additional information, please visit https://blockstack.org/. 

The post Blockstack Token LLC Announces SEC Filing for Regulated Token Offering appeared first on CaptainAltcoin.

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