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2019-09-11

23M USD In The First Token Offering Approved By SEC

Blockstack PBC, a decentralised computer network, has announced that it has managed to raise more than $23 million in the first ever US Securities and Exchange Commission (SEC) - an approved token offering.

Muneeb Ali, co-founder and CEO of Blockstack PBC, wrote on a blog on September 10 that Blockstack's blockbuster has raised more than $23 million in token offers that include SEC qualified tokens and non-US investor offers.

Retail investors in the US were able to participate in SEC qualified tokens for the first time. More than 4,500 individuals and entities participated. Investors included Union Square Ventures, Lux Capital, Recruit Holdings, Arrington Capital, Hashkey Group, Fenbushi Capital, Frontier Ventures and Spartan Group.

The United States Securities and Exchange Commission gave Blockstack permission to launch a multi-million dollar public chip offering under the A+ regulation.

The A+ Round of Financing is a type of Initial Public Offering (IPO) tailored to startups in need of early funding and open to all members of society.

Ali, together with co-founder Ryan Shea, has reportedly spent 10 months and approximately $2 million to obtain SEC approval in advance of their symbolic offer.