Blockstack has announced that is has received the first-ever approval in US SEC history to issue a token offering under Regulation A+. The initial filing for qualification was made on 11 April this year, taking 3 months to complete.
Now qualified by the SEC, Blockstack will proceed with its cash offering for $28 million. The token offering will be open to the general public in the US and globally, subject to a small number of geographical restrictions.
The token offering intends to further grow the Blockstack decentralized computing network, which already includes more than 165 applications. The offering provides incentives for developers to contribute to the success of a secure next-generation computing network. These tokens, called Stacks (STX), will be used to register digital assets like domain names, write and enact smart contracts, and process transaction fees on the network.
The Stacks tokens are utility in nature, providing token holders no rights and are considered as 'investment contracts' in the offering memorandum.