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Blockchain network Blockstack has received qualification for SEC A+ Regulation. The company will now launch the first SEC qualified token offering.
BREAKING: Blockstack received SEC qualification; first-ever SEC-qualified token offering in US history. https://t.co/IbbodLCLgS
— muneeb.btc (@muneeb) July 10, 2019
In an official blog, Blockstack states that though it has over 165 decentralized apps (dApps) on the network, only accredited investors could join the 2017 token offering, under the previous Regulation D.
“Now, thanks to this SEC-qualified offering, the general public can participate and fully interact with our network. Anyone can now join the movement to transition the world to a user-controlled internet.”
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It further added,
“Under the SEC Regulation A+ framework, Blockstack will conduct a $28 million cash offering. The token offering will open on Thursday, July 11th at 11:00 am Eastern Daylight Time. It will be open to any purchaser who would like to take part in the Blockstack next-generation computing network, subject to a small number of geographical restrictions.”
What this means is that anyone and everyone, right from enthusiasts to established players, accredited to non-accredited investors, can participate in the token offering from across the globe. This makes quite similar to an IPO, in general terms, though the investors don’t get ownership rights like shareholders. Additional tokens worth $12 million will be allocated to the platform’s App Mining Program that incentivizes developers to create high-quality dApps for the Blockstack Ecosystem.
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The company has reportedly spent about $2 million over a period of 10 months to acquire the Regulation A+ qualification. Commenting on this, Blockstack co-founder Muneeb Ali said,
“My joke has been that the $2 million is our donation to the crypto industry.”
