Blockstack PBC, creator of software for a user-owned internet and secure app ecosystem, has filed its annual SEC report, the most comprehensive filing Blockstack PBC has submitted since conducting the first SEC-qualified digital token offering in US history in 2019. The Stacks (STX) token is believed to be the first and only crypto asset listed on CoinMarketCap for which regular disclosures are filed with the SEC, reflecting an unparalleled level of transparency in the crypto industry.
As part of its $23M raise last year, Blockstack PBC publicly files periodic audited financials with the SEC. Audited financials are typically unheard of for cryptocurrency startups. The annual report includes new audited financials for 2019 and key updates on the Blockstack ecosystem’s progress since last summer. By following standards set by the SEC, Blockstack aims to bring further legitimacy and professionalism to the crypto industry.
Updates include detailed information about the number of apps in the network, strategic partnerships, the legal status of Stacks (STX) tokens in the U.S. and in non-U.S. jurisdictions, the exchanges that have listed STX, audited financials, and team growth.
Since its SEC qualification in July 2019, Blockstack distributed STX to 4,500+ participants of token offerings and forged strategic partnerships in Asia, including partnerships with investors like Recruit, HashKey Group, SNZ, Fenbushi, and others. Apps built on Blockstack’s network grew from 114 in 2019 to over 400. Blockstack partnered with Blockchain.com to distribute STX to 300K owners and integrated Blockstack logins with FireChat. Recently, Blockstack launched the testnet of Stacks 2.0, an upgrade that will allow developers and miners to participate in Blockstack’s consensus mechanism, Proof of Transfer (PoX). PoX interconnects the Stacks blockchain to the security of the Bitcoin network by requiring BTC commitments instead of native Proof of Work mining. The launch of Stacks 2.0 is the next phase in Blockstack’s mission of becoming a fully decentralized ecosystem.
CEO of Blockstack PBC, Muneeb Ali, is available for interview.
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