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Blockstack files for $50 million token offering with U.S. SEC

Blockstack files for $50 million token offering with U.S. SEC

Blockstack Token LLC, a decentralized computer networking company, has filed for a $50 million token offering using the U.S. Securities and Exchanges Commission [SEC] Regulation A+ framework. If approved Blockstack will be the first company to have regulated token offering.

The company was founded by computer scientists from Princeton University with the aim of decentralizing computer network using Bitcoin blockchain as a base. x The company builds privacy-centric applications which let users control their data rather sharing it with large tech companies.

The proceeds of the offering will go to the development of the decentralized computing stack and app ecosystem.

The Reg A+ Framework US and Canadian companies from filing reports under the Exchange Act to raise up to $50 million in a 12-month period. The offering is a long winding process which includes submitting financial records of two years.

“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,” said Muneeb Ali, co-founder and CEO of Blockstack PBC, Blockstack Token parent. “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.”

Image via Shutterstock

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